Cotton futures were in rally mode on Tuesday, as USDA played a supportive role. Contracts were up 161 to 178 points at the close. The US dollar index was back down $0.466 to $97.895, as crude oil futures were down 86 cents.
USDA showed a total of 840,000 planted acres and 1.3 million harvested acres cut from cotton this morning with yield up 53 lbs to 862 lbs/ac. Production was still trimmed by 1.39 million bales to 13.21 million bales. That mixed with a 100,000 bale cut to old crop stocks to 4 million bales, helped to tighten the new crop stocks. That was down 1 million bales to 3.6 million with a 500,000 bale cut to exports.
The weekly Crop Progress report from NASS showed conditions down 2% at 53% gd/ex, with the Brugler500 index falling 7 points to 338. Conditions in TX were down 8, with GA slipping 3 points.
The Seam reported 2,638 bales sold on the Monday online auction at an average price of 70.47 cents/lb. The Cotlook A Index was back up 25 points at 78.00 cents on August 11. ICE cotton stocks were steady on 8/11, with the certified stocks level at 18,242 bales. USDA’s Adjusted World Price (AWP) was down 13 points on Thursday afternoon at 54.39 cents/lb.
