Cotton futures closed out the Monday session with losses of 52 to 58 points. Crude oil futures were down 27 cents per barrel. The US dollar index was down $0.623 at $97.575.
Weekly Crop Progress data indicated 75 of the US cotton crop was squaring as of July 20, with 33% setting bolls, matching average. Condition ratings improved 3% to 57% gd/ex, with the Brugler500 index up 8 points to 347.
The weather forecasts for the next week feature dryness for much of Texas, with some of the Southeast forecast to receive 1 to 2 inches, with amounts rising towards the Gulf.
The Seam showed sales of 58 bales on Friday, with an average price of 68.35 cents/lb. The Cotlook A Index was up .20 at 79.50 on July 18. ICE cotton stocks were steady on 7/18, with the certified stocks level at 22,337 bales. USDA’s Adjusted World Price (AWP) was up a tick on Thursday at 54.72 cents/lb. It is in effect through this coming Thursday.
