Cotton futures increased in value on Monday, with October cotton closing at 64.56 cents, up 14 points, December cotton at 66.64 cents, up 28 points, and March cotton at 67.98 cents, up 29 points. The U.S. dollar index decreased by $0.410 to 98.520, while crude oil futures dropped by $1.09 per barrel. OPEC+ is set to raise production by 547,000 barrels per day in September.
The U.S. Department of Agriculture (USDA) reported that as of August 3, 87% of the U.S. cotton crop is squared, 2 points behind average, and 55% is setting bolls, 3 points below normal. The overall crop condition remains at 55% good to excellent. The Cotlook A Index fell by 40 points, reaching 78.50 cents on August 1, and certified ICE cotton stocks stood at 21,617 bales as of the same date.
