Mixed Cotton Futures Close Amid Weak Dollar and Crude Oil Prices
Cotton futures closed mixed on Tuesday, with front-month contracts down 8 to 22 points. The US dollar index also fell, by $0.031, and crude oil lost $5.20 per barrel. This comes after Monday's Crop Progress report showed a 4-percentage-point drop in condition ratings to 42% good/excellent.
The Brugler500 index dropped 11 points to 325, with Texas experiencing the largest decline at -17 points. Georgia was the only state to see an increase, up by 1 point. Export data from Census revealed a 4-month low but 4-year high in June shipments of 1.245 million bales excluding linters.
The Cotlook A Index rebounded by 95 points on August 3 to 90.80 cents, while ICE certified cotton stocks decreased by 1,235 bales due to decertification. The Adjusted World Price was raised by 84 points last week to 64.66 cents/lb.