Cotton Futures Edge Higher at Midday on Crop Progress Data

Cotton futures traded with moderate midday gains of 7 to 15 points on Tuesday, reversing early-session weakness. The advance came as crude oil declined another $4.10 per barrel and the U.S. Dollar Index slipped 0.224 points.

Weekly Crop Progress data showed 81% of the U.S. cotton crop had squared as of Sunday, aligning with the normal pace. The crop was also 45% setting bolls, matching the five-year average. Condition ratings improved slightly to 46% good-to-excellent, up one percentage point from the prior week. The Brugler500 Index rose four points to 336. Texas ratings jumped 10 points while Georgia held steady; only Louisiana, Oklahoma, Tennessee, and Virginia reported deteriorating conditions.

The Cotlook A Index fell 125 points on Monday to 89.10 cents. ICE certified cotton stocks decreased by 3,536 bales on July 27, leaving certified inventories at 90,699 bales. The Adjusted World Price was reduced by 155 points last week to 63.82 cents per pound, effective through Thursday.

Oct 26 Cotton: 79.47, up 13 points
Dec 26 Cotton: 80.98, up 10 points
Mar 27 Cotton: 82.54, up 7 points

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