Cotton futures rose significantly, with July contracts gaining 22 points to reach 72.22, while December and March contracts increased by 90 points, reaching 77.70 and 79.04 respectively. The annual June Acreage report revealed that U.S. cotton planting for the spring season totaled 9.85 million acres, surpassing the trade estimate of 9.6 million and the March figure of 9.64 million.
As of midday, crude oil prices dropped by $1.22 to $65.28 per barrel, while the U.S. dollar index increased by 0.183, reaching 101.140. The Cotlook A Index remained steady at 85.30 cents, and certified cotton stocks were unchanged at 185,034 bales as of June 30. The Adjusted World Price for cotton rose by 151 points last week to 63.88 cents per pound, with an update scheduled for Thursday.
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