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Cotton futures fell on Tuesday, July 9, with contracts down 21 to 31 points by midday. Contributing factors included a 62-cent drop in crude oil prices and a 172-point increase in the US dollar index.
The NASS Crop Progress report indicated that 52% of the US cotton crop was squared, 2% above the average, while 19% were setting bolls, up 4% from normal. Condition ratings decreased by 5% to 45% good/excellent, and the Brugler500 index fell 11 points to 320. Furthermore, managed money Spec funds reduced their net long by 5,866 contracts for the week ending July 2, bringing the total to 30,872 contracts.
As of July 8, ICE certified cotton stocks remained unchanged at 53,790 bales. The Cotlook A Index decreased by 125 points to 81.50 cents/lb, and the USDA Average World Price was cut by 43 points to 57.80 cents/lb, effective through Thursday.
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