Cotton futures fell by 38 to 63 points in midday trading on Tuesday, with October contracts at 67.02, December at 67.71, and March at 69.13. Meanwhile, crude oil futures rose by $1.00 per barrel, and the US dollar index increased by $0.340 to 98.735.
As of July 27, 80% of the US cotton crop was squaring, and 44% was setting bolls, according to Weekly Crop Progress data. Condition ratings dropped 2% to 55% good/excellent, with the Brugler500 index decreasing by 2 points to 345. Texas ratings remained steady at 334, while Georgia decreased by 3 points.
On July 28, The Seam reported sales of 1,489 bales at an average price of 61.20 cents per pound. The Cotlook A Index fell by 50 points to 78.70 cents, and certified ICE cotton stocks stood at 21,617 bales as of July 28. USDA’s Adjusted World Price was increased by 23 points last week to 54.95 cents per pound.
