Cotton futures declined by 50 to 75 points on Tuesday, with July 25 cotton closing at 64.68 cents, October 25 cotton at 66.08 cents, and December 25 cotton at 67.38 cents. The US dollar index increased by $0.014 to 97.155, while crude oil prices rose by 32 cents to $68.25 per barrel.
According to Weekly Crop Progress data, 48% of the US cotton crop is now squared and 14% has started setting bolls, both figures 1% below the average. The overall condition of the crop improved, with 52% rated good/excellent, and the Brugler500 index remained steady at 336. Texas ratings held steady, while Georgia improved by 9 points.
As of July 7, the Cotlook A Index was unchanged at 79.15, and ICE cotton stocks decreased by 2,335 bales due to decertification, bringing certified stocks down to 37,989 bales. The USDA’s Adjusted World Price rose 116 points to 55.34 cents/lb.
