Cotton futures experienced significant declines on September 28, 2023, with most 2026/27 crop contracts falling by the 4 cent limit. The October contract closed at 75.13 cents per pound, down 393 points, while December and March contracts closed at 78.86 and 81.75 cents, respectively, both down 400 points. Crude oil prices also dropped by $3.66 per barrel, and the US dollar index increased by $0.214.
According to the Weekly Crop Progress report, 70% of the US cotton crop had bolls opening as of Sunday, with harvest at 17%, two percentage points ahead of the five-year average. Cotton condition ratings improved slightly, with 35% of the crop rated as good/excellent. The Seam reported sales of 2,657 bales at an average price of 83.90 cents per pound on the same day. ICE certified cotton stocks remained unchanged at 28,064 bales, while the Adjusted World Price fell by 283 points to 66.09 cents per pound.
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