Cotton futures fell on Friday, with July contracts dropping 174 points to close at 71.66 cents per pound. For the week, July futures were down 577 points, and December contracts decreased by 329 points, now at 76.38 cents. On the same day, crude oil prices fell by $1.40 per barrel to $70.52, while the US dollar index decreased by 0.043 to 101.150.
The NOAA’s 7-day quantitative precipitation forecast indicates little precipitation is expected in Texas over the next week, with the Gulf region stretching to Georgia also predicting limited rainfall. Additionally, managed money increased their net long positions in cotton futures and options by 3,309 contracts to 38,445 contracts as of June 23.
The annual June acreage report is set for release on Tuesday, with Bloomberg’s trader survey predicting 9.6 million cotton acres planted this spring. The Seam reported sales of 569 bales at 68.44 cents per pound on Thursday, while ICE certified cotton stocks fell by 2,197 bales to a total of 187,250 bales.
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