Cotton futures closed near their highs on Tuesday with 104 to 300 point gains. That left the Dec contract at the highest settlement price since May 23rd. Tuesday’s Dollar Index fell to its weakest mark since early May, at 101.403.
USDA’s Ag Attachè estimates India’s 23/24 cotton crop at 26m bales on a 14% reduced planted area. Beginning in October, the government’s minimum price is set to increase 10%.
The weekly NASS Crop Progress report had cotton 55% squaring as of 7/9, up from 42% last week and matching the average pace. NASS also showed 17% of the national crop was setting bools, trailing the average pace by 1 ppt. Cotton conditions converted to a 321 on the Brugler500 Index, which was 6 points worse week/week. Tennessee cotton improved by 24 points, while TX, AR, KS, and SC crops all dropped double digits on the index.
The Cotlook A Index was back up by 50 points to 91.35 for 7/10. The AWP is 65.50 cents/lb. ICE certified stocks were 8,926 bales as of 7/10.
Dec 23 Cotton closed at 82.12, up 287 points,
Mar 24 Cotton closed at 81.88, up 249 points,
May 24 Cotton closed at 81.88, up 227 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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