Cotton Prices Slide as Market Continues Downward Trend
Cotton prices opened lower on Tuesday, continuing Monday's losses. The market saw declines of 41 to 60 points in early trading, following losses of 23 to 174 points on Monday. Crude oil futures rose by $1.84 per barrel, while the US dollar index increased by $0.609.
The USDA's Weekly Crop Progress data showed that 57% of the US cotton crop had bolls opening as of Sunday, with 8% already harvested. Condition ratings improved to 36% good/excellent, a two-percentage-point gain from the previous week. The Brugler500 index remained steady at 298, despite poor/very poor ratings increasing by two percentage points.
The Cotlook A index rose by 100 points on Friday, reaching 98.20. ICE certified cotton stocks decreased by 3,164 bales on September 11, leaving a total of 38,462 bales. The Adjusted World Price dropped to 69.51 cents/lb, down 441 points from last week.
As of the close on October 26, Cotton futures for Oct 26 traded at 80.64, down 174 points, while Dec 26 Cotton closed at 84.55, down 151 points. March 27 Cotton futures were down 144 points, trading at 87.12.