Cotton futures saw declines of 3 to 45 points on Tuesday, continuing a downward trend with October cotton closing at 79.21 cents, down 13 points. The Cotlook A Index decreased by 125 points to 89.10 cents, while crude oil fell by $3.48 per barrel and the US dollar index decreased by 0.109.
As of Sunday, 81% of the US cotton crop was squared, in line with historical averages, with 45% of the crop setting bolls. Condition ratings improved slightly to 46% good/excellent, up 1 percentage point from the previous week, with notable increases in Texas. Conversely, some states, including Louisiana and Oklahoma, reported deteriorating conditions.
ICE certified cotton stocks dropped by 3,536 bales to 90,699 bales as of July 27. The Adjusted World Price for cotton was reduced by 155 points last week, now standing at 63.82 cents/lb, valid through Thursday.
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