Cotton futures posted 35 to 60 point gains on Tuesday, as July was up 205 points on First Notice Day. Crude oil was down $3.50 on Tuesday to $65.07. Late on Monday a ceasefire was announced between Israel and Iran. The US dollar index was down $0.450 on the day to 97.560.
The weekly Crop Progress report indicated that the US cotton crop was 92% planted as of June 22, lagging the average pace by 3 points. Overall, 26% of the crop was squaring, steady with normal, with 5% already setting bolls, 1% below average. Condition ratings saw a one point drop in the good to excellent categories, at 47%. The Brugler500 index was down a single point to 327 on a smaller very poor part of the crop. Ratings in TX were steady at 303, with GA down just 1 point.
The Seam reported just 399 bales sold in the Monday online auction at an average price of 60.56 cents. The Cotlook A Index was unchanged on 6/23 at 77.55. ICE cotton stocks were UNCH on June 23, with a certified stocks level of 62,332 bales. USDA’s Adjusted World Price (AWP) was up 1 point last week at 54.03 cents/lb and is effective through Thursday.
