Cotton futures experienced losses ranging from 33 to 121 points on Wednesday, with July futures closing at 76.16 cents per pound, down 121 points. The US dollar index rose by $0.054 to $99.155, while crude oil prices fell by $4.48 to $89.41, contributing to market pressures.
As of May 24, 53% of the US cotton crop had been planted, consistent with the five-year average. However, several key states including Arkansas, Georgia, Kansas, Louisiana, North Carolina, South Carolina, Texas, and Virginia reported planting behind their normal paces. The Seam recorded 1,641 cotton sales on Tuesday at an average price of 75.26 cents per pound, while ICE certified cotton stocks increased by 4,031 bales, totaling 225,155 bales.
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