Cotton futures decreased by 49 to 64 points on Tuesday, with October contracts closing at 64.57 cents/lb and December contracts at 66.05 cents/lb. The US dollar index rose by $0.575 to $98.265, while crude oil futures increased by $0.96.
The USDA’s NASS Crop Progress report revealed that as of Sunday, 90% of the US cotton crop was setting bolls, compared to the average of 93%. Only 28% of bolls were reported as opening, trailing the 30% average pace. Condition ratings dropped by 3% to 51% good/excellent, leading the Brugler 500 index to fall by 5 points to 344.
On Friday, The Seam reported the sale of 322 bales at an average price of 63.77 cents/lb. The Cotlook A Index fell 75 points to 77.95 cents, while the USDA’s Adjusted World Price decreased by 59 points last week to 54.94 cents/lb.
