Cotton futures are seeing a steady climb, with most contracts gaining between 55 and 70 points by midday. In related markets, the US Dollar Index has risen $0.058 to $99.205, while Crude Oil has increased by $1.13, trading at $93.02.
According to the latest weekly NASS Crop Progress report, 66% of the US cotton crop had been planted as of May 31, which is 1% below the seasonal norm. The planting pace remains consistent with historical averages, with the crop 7% squared.
Market data from The Seam indicated sales of 882 bales on Monday, averaging 75.79 cents/lb. The Cotlook A Index rose by 60 points on June 1 to reach 86.25 cents. Meanwhile, ICE certified cotton stocks increased by 4,998 bales on June 1, bringing the total certified stock level to 242,911 bales. The Adjusted World Price saw a further decline of 519 points last week, settling at 63.49 cents/lb.
Current contract pricing is as follows:
Jul 26 Cotton is at 77.34, up 70 points,
Dec 26 Cotton is at 80.72, up 56 points,
Mar 27 Cotton is at 81.87, up 55 points
