Cotton futures saw significant gains, closing up 99 to 299 points, with some contracts reaching the three-cent limit. This surge occurred amid mixed outside market conditions, notably as crude oil prices rose by $3.65 following Iran’s attack on vessels in the Strait of Hormuz, leading the U.S. to revoke waivers on Iranian oil exports.
As of Sunday, 49% of the U.S. cotton crop was squared, surpassing the typical pace by 2%. Additionally, 14% was reported as setting bolls, aligning with the five-year average. Crop condition ratings dropped to 46% good/excellent, a decrease of 2 percentage points from the previous week. In June, cotton exports reached 1.46 million bales, a three-year high that marked a 15.3% year-over-year increase but a 6.88% decline from the previous month.
On July 6, 182 bales sold at an average price of 69.54 cents, while the Cotlook A Index remained stable at 85.80 cents. As of this reporting, July 26 cotton closed at 76.94, December 26 at 81.29, and March 27 at 82.68, all reflecting increases in value.
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