Cotton prices rose by 30 to 35 points on Tuesday morning, building on a previous increase of 6 to 34 points across most contracts on Monday. As of Sunday, 97% of the U.S. cotton crop was planted, matching the average pace, with 37% squared, slightly ahead of normal. Condition ratings for the crop dropped 5 percentage points from the previous week, now at 48% good/excellent.
The annual June acreage report is set to be released today, with Bloomberg analysts forecasting 9.6 million acres of cotton planted this spring. On June 26, the Cotlook A Index stood at 85.80 cents, up 75 points, while ICE certified cotton stocks fell by 2,216 bales, totaling 185,034 bales. The Adjusted World Price increased to 63.88 cents per pound, following a rise of 151 points last Thursday.
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