Cotton prices advanced by 25 to 30 points at the start of Wednesday trading, building on Tuesday’s strong performance where contracts gained 145 to 159 points. The upward trend correlated with a $1.76 per barrel increase in crude oil prices and a 0.254 rise in the US dollar index.
On Monday afternoon, the Crop Progress report indicated 73% of the US cotton crop had been squared as of Sunday, 1% ahead of the normal pace. Bolls were setting at 32%, aligning with the 5-year average. Yield quality ratings improved to 45% good/excellent, reflecting a 1-point weekly gain. The Brugler500 index rose to 332, bolstered by Texas and Georgia market adjustments.
Key market indicators showed the Cotlook A Index at 87.65 cents, down 75 points on July 20. ICE-certified cotton stock positions decreased by 1,038 bales, settling at 97,800 bales. The Adjusted World Price was adjusted upward by 3.52 cents to 65.37 cents per pound.
Futures contracts showed: Oct 26 Cotton closed at 78.96 (up 159 points), Dec 26 Cotton at 80.42 (up 150 points), and Mar 27 Cotton at 81.74 (up 145 points), all maintaining gains at the time of reporting.
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