Cotton Futures Drop on Tuesday

Cotton futures are dropping 60 to 77 points on Tuesday, with crude oil up 79 cents/barrel at $68.72. US dollar index is $0.144 higher at $97.285. Weekly Crop Progress data shows US cotton crop at 48% squared, 14% setting bolls, 1% behind average. Condition ratings up 1% to 52% gd/ex. Commitment of Traders data reveals a 5,175 contract reduction to the net short in cotton futures and options, bringing it to 42,910 contracts. Cotlook A Index remains unchanged at 79.15. ICE cotton stocks down 2,335 bales on July 7 via decertification, certified stocks level at 37,989 bales. USDA’s Adjusted World Price (AWP) up 116 points on Thursday afternoon at 55.34 cents/lb. Jul 25 Cotton closed at 65.39, down 27 points. Oct 25 Cotton closed at 66.02, down 77 points. Dec 25 Cotton closed at 67.29, down 60 points.

Read more at Yahoo Finance: Cotton Losses Extending on Tuesday