Cotton futures experienced modest gains on Tuesday, with increases of 35 to 70 points observed at midday. The USDA’s June Acreage report revealed that cotton acres planted this spring totaled 9.85 million, surpassing trade expectations of 9.6 million and the March figure of 9.64 million. Crude oil decreased by $0.82/bbl to $69.83, while the US dollar index rose to $100.995.
As of Sunday, 97% of the US cotton crop was reported planted, aligning with the average pace, and 37% was squared, slightly ahead of normal. The crop condition ratings dropped to 48% good/excellent, a decline of 5 percentage points weekly, with Texas ratings decreasing by 14 points and Georgia ratings improving by 1 point. The Cotlook A Index fell by 50 points to 85.30 cents, and ICE certified cotton stocks remained unchanged at 185,034 bales as of June 29.
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