Cotton futures have declined, with October contracts down 129 points, while crude oil fell by $4.30 per barrel. In the latest Crop Progress report dated Sunday, 88% of the U.S. cotton crop is squared, matching the five-year average, with 55% setting bolls and 4% of bolls opening. The crop’s condition rating is 42% good/excellent, down 4 percentage points from the previous week.
June export shipments totaled 1.245 million bales, the lowest in four months but a high for the past four years. The Cotlook A Index rose by 95 points to 90.80 cents on August 3, while ICE certified cotton stocks decreased by 1,235 bales to a total of 86,371 bales. The Adjusted World Price has increased by 84 points to 64.66 cents per pound.
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