Cotton price action is 68 to 110 points lower so far on Tuesday morning. Futures closed the Monday session with contracts 110 to 309 points higher on the day. The US dollar index was $0.298 lower at $98.91. Crude oil was up $1.83 at $107.25 on the day. Much of the buying was due to a White House fact sheet on the US/China talks from last week, in part stating that China will purchase at least $17 billion per year of U.S. agricultural products for the next three years in addition to the previous soybean commitments.
NASS Crop Progress data showed 41% of the US cotton crop planted as of May 17, which was 1 percentage point ahead of the 5-year average of 40%.
The Cotlook A Index was back down 275 points on May 15 at 93.90 cents. ICE certified cotton stocks were up 324 bales on Friday, with the certified stocks level at 193,438 bales. The Adjusted World Price was up another 228 points last week at 71.87 cents/lb.
Jul 26 Cotton closed at 83.7, up 309 points, currently down 110 points
Dec 26 Cotton closed at 83.98, up 207 points, currently down 103 points
Mar 27 Cotton closed at 84.59, up 204 points, currently down 104 points
