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On Monday, October 25, cotton futures fell significantly, with contracts dropping 75 to 90 points. The closing prices were 63.05 cents/lb for October cotton (down 90 points), 65.5 cents/lb for December cotton (down 78 points), and 67.44 cents/lb for March cotton (down 75 points). Concurrently, the US dollar index decreased by $0.199 to 97.625, influenced by a $2.55 drop in crude oil prices amid the potential for an Israeli/Hamas ceasefire.
The NASS Crop Progress report indicated that 67% of the US cotton crop has bolls opening, slightly behind the 69% average, while 16% of the crop is currently being harvested, matching the average pace. Cotton conditions remained stable at 47% rated good/excellent, and the Brugler500 index rose by 2 points to 335. In related market activity, the USDA’s Adjusted World Price (AWP) fell by 41 points to 54.38 cents/lb.
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