Cotton futures closed with contracts 99 to 299 points higher, with some contracts hitting the three cent limit at the high. The outside markets were mixed, as Crude oil was up $3.65 following Iran striking vessels in the Strait of Hormuz overnight. The US responded by revoking waivers authorizing Iran oil exports. The US dollar index was up $0.230.
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. Ratings in TX were down 2 points, with GA up 3.
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Monthly trade data from Census showed 1.46 million bales of exports during May, which was 15.3% above a year ago and a 3-year high, but down 6.88% from a year ago.
The Seam reported 182 bales sold on 7/6 at an average of 69.54 cents. The Cotlook A Index was steady on Monday at 85.80 cents. ICE certified cotton stocks were unchanged on July 6 with the certified stocks level at 185,034 bales. The Adjusted World Price was back down 194 points last week at 61.94 cents/lb.
Jul 26 Cotton closed at 76.94, up 299 points,
Dec 26 Cotton closed at 81.29, up 299 points,
Mar 27 Cotton closed at 82.68, up 296 points
On the date of publication,
Austin Schroeder
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.
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