Cotton prices are rallying another 102 to 122 points so far on Tuesday morning. Futures posted 112 to 138 point gains on Monday in the front months, with deferreds up 48 to 99 points. The outside markets were quiet, as Crude oil was down 9 cents, with the US dollar index up $0.004.
Monday afternoon’s Crop Progress showed 49% of the US cotton crop squared as of Sunday, 2% ahead of normal. The crop was also 14% setting bolls, matching the 5-year average pace. Condition ratings were pegged at 46% good/excellent, down 2 percentage points on the week. The Brugler500 index was down 3 points to 332.
Managed money was trimming back their net long position in cotton futures and options as of June 30 by 6,460 contracts, taking it to 31,985 contracts.
The Cotlook A Index was down 75 points on July 3 at 85.80 cents. ICE certified cotton stocks were unchanged on Thursday with the certified stocks level at 185,034 bales. The Adjusted World Price was back down 194 points on Thursday at 61.94 cents/lb.
Jul 26 Cotton closed at 73.95, up 138 points, currently unch
Dec 26 Cotton closed at 78.3, up 118 points, currently up 102 points
Mar 27 Cotton closed at 79.72, up 120 points, currently up 102 points
