Cotton futures are pulling back 26 to 40 points so far on Tuesday. The outside factors are mute, with crude oil up 5 cents/barrel, as the dollar index is down 61 points.

The weekly Crop Progress data showed 97% of the US crop now planted, with 43% squaring, above the 38% average pace. The crop was also 11% setting bolls, 2% above normal. TX had 13% of the crop setting bolls, with GA at 12%, both 2% above normal. Conditions saw a 6% drop in the gd/ex categories to 50% gd/ex as of Sunday. Much of the shift was split between fair and very poor, both up 3, as the Brugler500 index was down 11 points to 331. TX was a 9 point drop, with ratings in GA down 14 points.

USDA’s Cotton Systems report showed 732 RB of cotton consumed during May, well above a year ago and 14.2% larger vs. April. Stocks were slightly up vs. last month at 1,276 RB, but down 55.3% compared to last year. 

ICE certified cotton stocks were down 4,818 bales on decerts, to 54,217 bales on July 1. The Cotlook A Index was down another 175 points on June 27 at 82.95 cents/lb. The USDA Average World Price (AWP) rebounded from the previous week decline, up 1.58 to 58.23 cents per pound. It will be in effect through July 4.  Because of the holiday, the next AWP rate announcement from FSA will be on Friday, July 5 at 8 AM EDT. 

Jul 24 Cotton  is at 70.07, up 26 points,

Dec 24 Cotton  is at 72.82, down 28 points,

Mar 25 Cotton  is at 74.45, down 31 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.