Cotton futures surged on Wednesday, with July contracts closing at 73.28 cents per pound, up 106 points. The June Acreage report revealed that U.S. cotton acreage for the spring was 9.85 million, exceeding expectations of 9.6 million and surpassing the March figure of 9.64 million acres.
Meanwhile, crude oil prices fell by $1.41 to $68.09 per barrel, while the U.S. dollar index rose by 0.243 to 101.200. As of June 30, ICE certified cotton stocks remained steady at 185,034 bales. The Adjusted World Price also increased by 151 points last week, reaching 63.88 cents per pound, with an update expected on Thursday.
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