Cotton Prices Bounce on Thursday Morning Amid Crude Oil Gains

The cotton market is experiencing a bounce on Thursday morning, with price gains ranging from 69 to 106 points. This follows Wednesday's gains of 5 to 109 points across most contracts at close. The price movement comes as crude oil increased by $3.64 per barrel and the US dollar index remained steady.

Weekly Crop Progress data showed a decline in condition ratings, with 34% good/excellent, down 5 percentage points from the previous week. The Brugler500 index fell another 6 points to 298, while Texas ratings dropped 8 points to 252 on the same index.

The Adjusted World Price was raised by 240 points to 73.92 cents/lb on Thursday. Meanwhile, futures prices for Oct 26 Cotton closed at 83.73, up 109 points; Dec 26 Cotton closed at 87.28, up 96 points; and Mar 27 Cotton closed at 89.65, up 94 points.