Cotton price action closed the Monday trade with losses of 27 to 57 points. Crude oil was $1.44/barrel at $67.94, with the US dollar index $0.378 higher to $97.200.
Weekly Crop Progress data showed the US cotton crop at 48% squared, with 14% setting bolls, both 1% behind average. Condition ratings were up 1% to 52% gd/ex, with the Brugler500 indx steady at 336.
President Trump released a statement later in the day, raising the tariffs on Indonesian goods to 32% on August 1, with tariffs on Bangladesh at 35%.
Commitment of Traders data showed a 5,175 contract reduction to the net short in cotton futures and options during the week ending on July 1, taking it to 42,910 contracts.
The Cotlook A Index was down 25 points on 7/4 at 79.15. ICE cotton stocks were steady on July 3. USDA’s Adjusted World Price (AWP) was up 116 points on Thursday afternoon at 55.34 cents/lb.
