Cotton futures fell sharply on July 25, 2023, with July contracts closing down 124 points at 66.28 cents, and October and December contracts also recording significant losses. The decline followed a USDA report revealing that 10.12 million cotton acres had been planted, exceeding market expectations of 9.735 million acres.
Weekly Crop Progress data indicated 95% of the US cotton crop has been planted, with 40% squaring, 9% setting bolls, and condition ratings improving to 51% rated good/excellent. The Brugler500 index increased by 9 points to 336.
In related markets, crude oil fell by $0.55 per barrel, while the US dollar index declined by $0.590. The Seam reported 3,134 bales sold at an average price of 65.21 cents, and ICE cotton stocks decreased by 6,385 bales to a certified level of 45,110 bales.
