Cotton futures started the week off with a little strength, as contracts were up 65 to 107 points at the close. Crude oil prices shot higher, up $2.25, with the US dollar index down $0.644 to $98.615.
The Monday afternoon Crop Progress report indicated 66% of the US cotton crop was planted, 3 percentage points back of average. The crop was also 8% squared, vs. 7% via the 5-year average pace. Condition ratings were tallied at 49% good/excellent, which is 12% below last year. The Brugler500 index was at 324, which is the lowest initial crop score since 2013.
The Cotlook A Index was down another 45 points on 5/30 at 77.25. ICE cotton stocks were steady on May 30 with a certified stocks level of 43,006 bales. USDA’s Adjusted World Price (AWP) was back up 32 points last week at 53.84 cents/lb.
Jul 25 Cotton closed at 66.13, up 107 points,
Oct 25 Cotton closed at 68.09, up 65 points,
Dec 25 Cotton closed at 68.69, up 94 points
