Cotton futures prices increased on June 29, with July contracts closing at 72.22 cents, up 22 points, and December contracts at 76.8 cents, up 35 points. The USDA’s annual June Acreage report revealed that U.S. cotton acres planted this spring reached 9.85 million, surpassing initial estimates of 9.6 million and the March figure of 9.64 million acres.
As of Sunday, June 25, 37% of the U.S. cotton crop was squared, slightly ahead of the typical pace. The overall crop condition rated at 48% good/excellent, a decrease of 5 percentage points from the previous week. In Texas, condition ratings fell by 14 points, while Georgia ratings increased by just 1 point. The Cotlook A Index was reported at 85.30 cents, down 50 points.
Additional data showed ICE certified cotton stocks remained stable at 185,034 bales, while the Adjusted World Price rose by 151 points, reaching 63.88 cents per pound.
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