Cotton futures declined on Tuesday, closing down 14 to 25 points, influenced by a stronger US dollar, which rose $0.118 to $98.135, and a drop in crude oil futures by $1.10. The latest Crop Progress report from NASS noted that as of August 17, 73% of the US cotton crop had set bolls, 7 points below the average, with 13% of the crop’s bolls opening compared to the 16% average.
On August 18, the Seam reported the sale of 1,687 bales in an online auction at an average price of 64.25 cents per pound. The Cotlook A Index decreased by 25 points to 79.15 cents, while ICE cotton stocks remained steady at 17,017 bales. Notably, USDA’s Adjusted World Price rose by 66 points to 55.05 cents per pound.
Closing Prices: Oct 25 Cotton at 66.25 (-17 points), Dec 25 Cotton at 67.56 (-25 points), Mar 26 Cotton at 69.19 (-14 points).
