Cotton futures are showing 40 to 50 point gains, as July is up 254 points on First Notice Day. Crude oil was down $4 so far on Tuesday Late on Monday a ceasefire was announced between Israel and Iran. The US dollar index was down $0.575 on the day to 97.435.

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. Ratings in TX were steady at 303, with GA down just 1 point.

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 Seam reported just 399 bales sold in the Monday online auction at an average price of 60.56 cents. The Cotlook A Index was unchanged on 6/23 at 77.55. ICE cotton stocks were UNCH on June 23, 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  is at 66.5, up 254 points,

Oct 25 Cotton  is at 67.29, up 41 points,

Dec 25 Cotton  is at 67.91, up 50 points