Cotton price action is trading with 40 to 52 point losses early on Wednesday. Futures closed mixed action on Tuesday, as most contracts were down 8 to 16 points, and thinly traded October up 2 points. Crude oil prices are up another 85 cents/barrel, with the US dollar index back up $0.575 to $99.210.

The Monday afternoon Crop Progress report indicated condition ratings at 49% good/excellent, which is 12% below last year. The Brugler500 index was at 324, which is the lowest initial crop score since 2013.  Ratings in Texas were the lowest in 3 years to start at 298 (38% gd/ex).

Monday’s auction from The Seam showed 1,174 bales sold at an average price of 61.89 cents/lb. The Cotlook A Index was back up 20 points on 6/2 at 77.45. ICE cotton stocks were up 10,694 bales on June 2 via new certifications, with a certified stocks level of 53,700 bales. USDA’s Adjusted World Price (AWP) was back up 32 points last week at 53.84 cents/lb. It is good through Thursday.

Jul 25 Cotton  closed at 66.05, down 8 points, currently down 50 points

Oct 25 Cotton  closed at 68.11, up 2 points, currently unch

Dec 25 Cotton  closed at 68.53, down 16 points, currently down 48 points