Cotton Closes Red on Tuesday

After an initial rally out of the long weekend stalled, the cotton futures market ended the day 44 to 56 points in the red. July printed a 335 point range on Tuesday, and Dec cotton traded in a wide 185 point range. For the month of May, July futures traded in a 17.3 cent range and closed a net 6.65 cents lower. 

Cotton planting was reported as 68% complete as of 5/29, that was up from 54% complete last week and is 4% points ahead of the average pace. The weekly Crop Progress report from NASS also reported cotton squaring at 7% nationally, matching the average. The initial cotton conditions for the season were reported after the close, with 44% good/ex and 18% poor/VP for a Brugler500 index of 327. Last year’s initial rating scored a 328 on the Brugler500 index.

The Cotlook A index was 125 points weaker on 5/30 to 157.45 c/lb. USDA’s FSA reduced the week’s adjusted world price for cotton by 3.38 cents to 139.86.  

Jul 22 Cotton  closed at 138.98, down 44 points,

Dec 22 Cotton  closed at 122.45, down 50 points,

Mar 23 Cotton  closed at 118.17, down 56 points