December cotton is up 38 points at 83.31 and March was up 34 points at 83.09.
December cotton is up 38 points at 83.31 and March was up 34 points at 83.09. NASS crop conditions Monday showed cotton condition declined over the last week and remained rated below average at 6% very poor, 18% poor, 33% fair, 36 % good and 7% excellent.
The sharpest declines were reported in Louisiana, Oklahoma and Texas, while the greatest improvements were reported in North Carolina and Virginia. NASS said that 43% of the US cotton crop was squared as of July 1, versus the average of 40% and 12% of the crop was setting bolls showed 12% setting bolls versus the 5 year average of 9%.
Markets will react to any significant weather changes, especially in Texas where dryland cotton could use rain. NASS noted that dryland cotton had little emergence in the High Plains, while irrigated cotton continued to progress.
Some fields in the Northern High Plains were showing signs of wet weather blight. Weather conditions continued to delay cotton progress in the Low Plains and the Blacklands. In areas of the Coastal Bend, South Texas and the Lower Valley, cotton responded well to recent rainfalls and continued irrigation.
The market is also keeping an eye on China’s proposed additional tariffs on U.S. cotton set to take place July 6 which could impact prices.
