Cotton Prices Retreat During Wednesday Morning Trading

Cotton futures experienced a downward trend on Wednesday morning, with prices dropping between 55 and 81 points. This follows a positive session on Tuesday, where most contracts gained between 38 and 73 points. In broader market news, the US dollar index rose by $0.023 to reach 99.170, while crude oil increased by $1.23 to $93.39.

According to the weekly NASS Crop Progress report, 66% of the US cotton crop had been planted as of May 31, which is 1% below the seasonal average. The crop was 7% squared, aligning with typical planting rates.

Market data from The Seam indicated sales of 882 bales on Monday at an average price of 75.79 cents/lb. On June 1, the Cotlook A Index rose by 60 points to 86.25 cents. ICE certified cotton stocks increased by 4,998 bales on June 1, bringing the total certified stock level to 242,911 bales. Meanwhile, the Adjusted World Price saw a further decline of 519 points last week, settling at 63.49 cents/lb.

July 26 Cotton closed at 77.04 (up 40 points), but is currently trading down 83 points.

December 26 Cotton closed at 80.54 (up 38 points), but is currently trading down 58 points.

March 27 Cotton closed at 81.72 (up 40 points), but is currently trading down 56 points.

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