Cotton futures closed up 4 to 71 points on September 25, 2023, with October cotton at 79.06 cents/lb, December at 82.86 cents/lb, and March at 85.75 cents/lb. Weekly Crop Progress data indicated that 70% of the U.S. cotton crop had bolls opening, and harvest was at 17%, 2 percentage points ahead of the average. The condition rating for the crop was 35% good/excellent, up 1 percentage point from the previous week.
In a significant trade development, China dropped tariffs on various U.S. goods, including cotton, following a recent U.S.-China meeting. The Seam reported very limited sales of 178 bales at an average price of 63.49 cents/lb. Additionally, ICE certified cotton stocks saw a decline of 1,455 bales, bringing the total to 28,064 bales. The Adjusted World Price also fell by 283 points to 66.09 cents/lb.
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