Cotton price action is up 28 to 229 points so far on Tuesday morning. Today is first notice day for July Cotton Futures. Futures closed the Monday session mixed, with the nearby contracts down 8 to 17 points and December rallying up 71 points. Crude oil was down $6.70 at the close, as the market is failed much upside follow through reaction following the Iranian strikes on US bases in Qatar. Late on Monday the US announced a ceasefire for Tuesday morning between Israel and Iran. The US dollar index was down $0.312 on the day to 97.970.

The weekly Crop Progress report indicated that the US cotton crop was 92% planted as of June 22, lagging the average pace by 3 points. Overall, 26% of the crop was squaring, steady with normal, with 5% already setting bolls, 1% below average. Condition ratings saw a one point drop in the good to excellent categories, at 47%. The Brugler500 index was down a single point to 327 on a smaller very poor part of the crop.

Commitment of Traders data from Monday afternoon showed managed money trimming 1,828 contracts from their net short position as of June 17th to 51,031 contracts.

The Cotlook A Index was unchanged on 6/20 at 77.55. ICE cotton stocks were UNCH on June 20, with a certified stocks level of 62,332 bales. USDA’s Adjusted World Price (AWP) was up 1 point last week at 54.03 cents/lb and is effective through Thursday.

Jul 25 Cotton  closed at 63.96, down 8 points, currently up 229 points

Oct 25 Cotton  closed at 66.88, down 17 points, currently up 47 points

Dec 25 Cotton  closed at 67.41, up 71 points currently up 86 points