Cotton futures are holding gains of 34 to 50 points so far at midday, shrugging off the weaker outside factors and focusing more on the weaker condition ratings and drier weather outlook.  The outside markets are being ignored, with crude oil down 70 cents/barrel and the dollar index steady. Cotton country is expected to be fairly dry over the next week, with scattered totals in the Southeast.

The US cotton growing season is still running ahead of normal, with 87% squared by July 28, That’s 3 percentage points above the average. Some 54% of the acres were setting bolls, vs. the 46% 5-year average pace. Progression in TX was noted, with 49% setting bolls vs. the 38% average. Condition ratings were back down 4% to 49% gd/ex, with the Brugler500 index down 12 points from last week to 327. Crop ratings in TX dropped 20 points from the previous week, with GA up 8 points. 

ICE cotton stocks were unchanged July 29, leaving 28,745 bales of cert stocks. The Cotlook A Index was down 95 points on July 29 at 78.35 cents/lb. The USDA Average World Price (AWP) was cut by 140 points to 55.02 cents/lb, and is in effect through this Thursday.

Dec 24 Cotton  is at 69.71, up 50 points,

Mar 25 Cotton  is at 71.32, up 41 points,

May 25 Cotton  is at 72.54, up 34 points