Cotton futures showed a positive trend on Tuesday, rising 60 to 95 points in early trading, following a gain of 9 to 37 points across most contracts on Monday. As of the latest reports, crude oil prices increased by 65 cents per barrel, while the US dollar index rose by 0.209.
According to Monday afternoon’s Crop Progress report, 73% of the US cotton crop was squared as of Sunday, surpassing the normal pace by 1%. Additionally, 32% of the crop is now setting bolls, aligning with the 5-year average. The overall condition rating is at 45% good/excellent, a 1 percentage point improvement from the previous week. The Brugler500 index increased by 1 point to 332.
On Friday, The Seam reported the sale of 2,299 bales at an average price of 80.40 cents per pound. The Cotlook A Index dropped 225 points to 88.40 cents as of July 17, while ICE certified cotton stocks remained stable at 98,838 bales.
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