Cotton futures increased by 35 to 184 points on Tuesday, with July 26 cotton closing at 75.01, up 158 points, and December 26 cotton at 77.75, up 94 points. As of Sunday, 86% of the U.S. cotton crop had been planted, slightly below the average, while 19% had squared, ahead of normal. Condition ratings fell to 51% good/excellent, a 2% drop from the previous week.
In related markets, crude oil decreased by $4.08 to $76.673, with the U.S. dollar index down $0.071 at 99.305. The Seam reported only 396 bales of cotton sold on June 15 at an average price of 68 cents, and ICE certified cotton stocks remain steady at 192,699 bales.
Weather forecasts indicate a drier pattern for West Texas and the Panhandle, while the eastern half of the state, along with Georgia, may experience heavy rainfall in some areas.
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