Cotton futures closed mixed on Tuesday, with most contracts down 8 to 16 points, while the thinly traded October contract increased by 2 points. The Crop Progress report indicated that 66% of the US cotton crop is planted, 3 percentage points behind the normal pace, with Texas at 61% and Georgia at 74%. Condition ratings stand at 49% good/excellent, down 12% from last year, with the Brugler500 index at 324, marking the lowest initial crop score since 2013.
On June 2, 1,174 bales were sold at an average price of 61.89 cents per pound. Cotton stocks increased by 10,694 bales, bringing the certified stock level to 53,700 bales. The USDA’s Adjusted World Price rose by 32 points to 53.84 cents per pound. As of the last trading session, July cotton closed at 66.05 cents (down 8 points), October at 68.11 cents (up 2 points), and December at 68.53 cents (down 16 points).
