Cotton Falls Back on Tuesday

Cotton futures fell on Tuesday, dropping 14 to 25 points. The stronger US dollar and lower crude oil prices added pressure.

The latest Crop Progress report showed 73% of the US cotton crop had set bolls by August 17, slightly behind the average, while 13% had bolls opening, also below average. Crop conditions improved to 55% good/excellent, with big gains in Texas but some decline in Georgia.

On Monday, 1,687 bales were sold online at an average of 64.25 cents/lb. The Cotlook A Index slipped to 79.15 cents, and certified ICE cotton stocks held at 17,017 bales. USDA’s Adjusted World Price rose to 55.05 cents/lb.

Closing prices:

• Oct 25 Cotton: 66.25, down 17 points

• Dec 25 Cotton: 67.56, down 25 points

• Mar 26 Cotton: 69.19, down 14 points