Cotton futures decreased by 45 to 67 points on Tuesday, with December 2024 contracts at 72.94 cents per pound and March 2025 contracts at 74.89 cents per pound, driven partly by a stronger dollar index which increased by 564 points. Weekly Crop Progress data from the USDA revealed that 72% of the U.S. cotton crop has bolls opening, 1% ahead of the usual pace, while 20% of the harvest is complete. Cotton condition ratings dropped by 6% to 31% in good/excellent condition.
In Georgia, cotton harvest is 6% complete, with 77% of bolls open, indicating possible crop damage, causing a significant decline in the Brugler500 index by 51 points. Online cash cotton sales reported by The Seam totaled just 794 bales on Monday, averaging 70.51 cents per pound, while ICE cotton stocks remained at 265 bales as of September 30. The Cotlook A Index fell by 25 points to 84.40 cents per pound, while the USDA raised the Adjusted World Price by 223 points to 61.06 cents per pound.
