Cotton futures saw modest gains on July 25, 2023, with October contracts closing at 66.59 cents/lb, up 5 points; December contracts at 68.25 cents/lb, up 15 points; and March contracts at 69.61 cents/lb, also up 15 points. The USDA reported that 75% of the US cotton crop was squaring as of July 20, with 33% setting bolls, matching the average pace of maturity.
The US dollar index weakened to 97.095, down $0.475, while crude oil futures fell by 41 cents at the close. Cotton condition ratings improved by 3% to 57% good/excellent, as reflected in the Brugler500 index, which rose 8 points to 347. The Cotlook A Index, a global benchmark, decreased by 5 cents to $79.45 on July 21.
