Cotton futures experienced declines on Tuesday, with October contracts closing down 110 points at 66.3 cents/lb, December down 67 points at 67.67 cents/lb, and March down 71 points at 69.05 cents/lb. The drop was largely influenced by a $0.295 increase in the US dollar index, which reached $98.690.
As of July 27, data from the Weekly Crop Progress report indicated that 80% of the US cotton crop was squaring, with 44% setting bolls. The overall condition ratings fell by 2% to 55% good/excellent, while the Brugler500 index decreased by 2 points to 345. Texas ratings remained steady at 334, whereas Georgia ratings fell by 3 points.
In market transactions, The Seam reported sales of 1,489 bales at an average price of 61.20 cents/lb on Monday. The Cotlook A Index decreased by 50 points to 78.70 cents as of July 28, while ICE cotton stocks remained stable at 21,617 bales. USDA’s Adjusted World Price rose by 23 points to 54.95 cents/lb, effective through Thursday.
