On Wednesday morning, cotton prices are up by 11 to 31 points following a Tuesday decline of 49 to 64 points. The US dollar index rose by $0.575 to $98.265, while crude oil futures increased by $0.96.
The USDA’s NASS Crop Progress report, dated Sunday, indicated that 90% of the US cotton crop is setting bolls (compared to a 93% average), with 28% of bolls opening, trailing the 30% average pace. The crop’s condition ratings fell by 3% to 51% classified as good/excellent.
On September 1, the Cotlook A Index decreased by 75 points to 77.95 cents, while USDA’s Adjusted World Price was down 59 points at 54.94 cents/lb. Recent sales totaled 322 bales at an average price of 63.77 cents/lb.
