Cotton futures rounded out the Tuesday session under pressure, with contracts down 67 to 110 points. Pressure came from a $0.295 gain in the US dollar index to $98.690. Crude oil futures were $2.57/barrel higher.
Weekly Crop Progress data indicated 80% of the US cotton crop was squaring as of July 27, with 44% setting bolls. Condition ratings were back down 2% to 55% gd/ex, with the Brugler500 index down 2 points to 345. TX ratings were steady at 334, with GA slipping 3 points.
The Seam showed sales of 1,489 bales on Monday, with an average price of 61.20 cents/lb. The Cotlook A Index was down 50 points at 78.70 cents on July 28. ICE cotton stocks were steady on 7/28, with the certified stocks level at 21,617 bales. USDA’s Adjusted World Price (AWP) was up 23 points last week at 54.95 cents/lb. It is good through this Thursday.
