Cotton Futures Rise as Crop Progress Report Shows Mixed Results

Cotton futures opened the week positively, closing up between 65 and 107 points. Crude oil prices also climbed, increasing by $2.25, while the US dollar index fell by $0.644 to $98.615.

US Cotton Crop Progress Report

The Monday afternoon Crop Progress report noted that 66% of the US cotton crop had been planted, which is 3 percentage points below the average. Currently, 8% of the cotton is squared compared to a 5-year average of 7%. Condition ratings indicate that 49% of the crop is rated as good or excellent, 12% lower than last year. The Brugler500 index stands at 324, the lowest initial score since 2013.

Market Updates

The Cotlook A Index decreased by 45 points to 77.25 as of May 30. ICE cotton stocks remained steady, with certified stocks at 43,006 bales. The USDA’s Adjusted World Price (AWP) increased by 32 points last week to 53.84 cents per pound.

Cotton Futures Closing Prices

Jul 25 Cotton closed at 66.13, up 107 points.

Oct 25 Cotton closed at 68.09, up 65 points.

Dec 25 Cotton closed at 68.69, up 94 points.

On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned. All information is for informational purposes only. For more details, view the Barchart Disclosure Policy
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The views expressed herein belong to the author and do not necessarily reflect those of Nasdaq, Inc.