Cotton futures closed higher across the board, gaining between 4 and 71 points, as trade sentiment improved following recent tariff adjustments. In related commodity markets, crude oil rose 88 cents per barrel, while the US dollar index climbed by $0.232.
According to the latest Weekly Crop Progress report, 70% of the US cotton crop had bolls opening as of Sunday. Harvest progress stood at 17%, two percentage points ahead of the seasonal average. Crop condition ratings improved slightly, with 35% of the crop rated good to excellent, up one percentage point from the previous week. Meanwhile, the Brugler500 index fell by one point to 294.
The positive momentum in cotton trading comes after China announced tariff exemptions on several US goods, including cotton, following last week’s US/China meeting.
Market data from The Seam showed that sales totaled just 178 bales on September 25, averaging 63.49 cents per pound. Internationally, the Cotlook A index rose 50 points to 93.75 on September 25. ICE certified cotton stocks decreased by 1,455 bales on Friday, leaving certified stocks at 28,064 bales. Additionally, the Adjusted World Price fell by 283 points to 66.09 cents per pound.
Oct 26 Cotton closed at 79.06, up 15 points,
Dec 26 Cotton closed at 82.86, up 15 points,
Mar 27 Cotton closed at 85.75, up 26 points
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