Cotton futures experienced significant losses, with the front month down 125 to 148 points and other contracts decreasing by 12 to 87 points. As of June 22, crude oil prices fell by 81 cents per barrel to $73.19, while the US dollar index increased by 0.391 to reach $101.165.
According to Monday’s Crop Progress report, 92% of the US cotton crop was planted as of last Sunday, which is 2% behind the average pace. However, 27% of the crop is squared and 5% is setting bolls, both meeting the 5-year averages. The overall condition rating for cotton was 53% good/excellent, up 3 percentage points from the previous week.
The Seam reported 501 bales sold on Monday at an average price of 71.92 cents, while ICE certified cotton stocks remained unchanged at 189,447 bales. The Adjusted World Price decreased by 111 points last week to 62.37 cents per pound.
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