Cotton prices ended Monday’s trading down by 27 to 57 points, with July cotton closing at 65.39, October at 66.79, and December at 67.89. Crude oil prices fell by $1.44 to $67.94 per barrel, while the US dollar index rose by $0.378 to $97.200.
The Weekly Crop Progress report indicated that the US cotton crop was 48% squared and 14% setting bolls, both 1% behind average. Cotton condition ratings improved by 1% to 52% good/excellent. The Brugler500 index remained steady at 336, and net short positions in cotton futures and options dropped by 5,175 contracts to 42,910 as of July 1.
Additionally, President Trump announced on July 1 that tariffs on Indonesian goods would increase to 32% and Bangladesh goods to 35% effective August 1. The Cotlook A Index dropped 25 points to 79.15 on July 4, while USDA’s Adjusted World Price rose by 116 points to 55.34 cents/lb.
