Cotton futures declined on Monday, with contracts dropping 12 to 95 points. As of Sunday, 92% of the U.S. cotton crop was planted, which is 2% behind the average pace, while 27% was squared, 2% ahead of normal. The crop’s condition rating improved to 53% good/excellent, up 3 percentage points from the previous week.
Managed money reduced their net short position in cotton futures and options by 7,068 contracts, bringing the total to 35,136 contracts. The Seam reported the sale of 3 bales at an average price of 65 cents, and ICE certified cotton stocks decreased by 1,575 bales, totaling 189,447 bales. The Adjusted World Price fell by 111 points last week to 62.37 cents per pound. Cotton futures closed with July contracts at 75.21 cents, down 84 points.
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