Cotton futures experienced gains of 51 to 78 points at midday on July 23, with October cotton at 67.4 (up 78 points), December at 68.75 (up 51 points), and March at 70.16 (up 53 points). Crude oil futures rose by 28 cents per barrel, while the US dollar index increased by $0.177 to 97.130.
In export sales data for the week ending July 17, old crop cotton reported net reductions of 32,748 RB, while new crop cotton recorded net sales of 132,624 RB, marking the second-largest sales this marketing year. Cotton shipments totaled 184,849 RB, an increase from the previous week.
On July 23, The Seam reported sales of 2,800 bales with an average price of 60.78 cents per pound. The Cotlook A Index rose to 78.70, and ICE cotton stocks decreased by 702 bales to 21,635 bales due to decertification.
