Cotton futures experienced gains on Tuesday, with increases ranging from 38 to 73 points across most contracts. Notably, the July contract closed at 77.04 cents per pound, up 40 points, while the December and March contracts closed at 80.54 and 81.72 cents, respectively. The US dollar index rose by $0.023 to $99.170, and crude oil prices increased by $1.23, reaching $93.39.
As of May 31, the USDA’s weekly NASS Crop Progress report indicated that 66% of the US cotton crop had been planted, falling 1% below the normal pace. Additionally, 7% of the crop was squared, matching the average. The Seam reported sales of 882 bales at an average price of 75.79 cents per pound on Monday, while ICE certified cotton stocks rose by 4,998 bales to a total of 242,911 bales as of June 1. The Adjusted World Price decreased by 519 points over the past week, now standing at 63.49 cents per pound.
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