Cotton prices decreased by 70 to 97 points on Wednesday, with front-month July futures initially up 65 points but closing down 84 points at 75.21 cents/lb. In contrast, crude oil fell by 81 cents per barrel to $73.19, while the US dollar index rose by $0.391 to reach $101.165.
As of Sunday, the USDA reported that 92% of the US cotton crop is planted, which is 2% behind the average pace. Additionally, 27% of the crop is squared, slightly ahead of normal, and 5% is setting bolls, matching the 5-year average. Condition ratings show 53% of the crop rated good/excellent, a 3-point increase from the previous week, though ratings in Texas dropped by 8 points.
On Monday, The Seam reported the sale of 501 bales at an average price of 71.92 cents. The Cotlook A Index remained steady at 88.60 cents as of June 22, with ICE certified cotton stocks unchanged at 189,447 bales and the Adjusted World Price decreased by 111 points to 62.37 cents/lb.
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