Cotton futures saw gains on Monday, with front-month contracts up 112 to 138 points and deferred contracts rising 48 to 99 points. As of July 3, the Cotlook A Index dropped by 75 points to 85.80 cents, while ICE certified cotton stocks remained at 185,034 bales. The adjusted world price also decreased by 194 points to 61.94 cents per pound.
In the latest Crop Progress report, 49% of the U.S. cotton crop was noted as squared, 2% ahead of the normal pace, with 14% setting bolls, matching the 5-year average. Condition ratings for the crop are at 46% good/excellent, down 2 percentage points from the previous week. Managed money reduced their net long positions in cotton futures and options by 6,460 contracts as of June 30, bringing the total to 31,985 contracts.
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