Cotton futures are trading 36 to 65 points lower on Turnaround Tuesday selling this morning. They posted 106 to 126 point gains in most contracts on Monday, after setting life of contract lows last week. After the close, NASS showed 60% of the US cotton crop was squared (69% avg) and 20% of the acres were setting bolls (25% avg) as of Sunday. Condition ratings were up 2% to 56% gd/ex and saw a 7 point jump on the Brugler500 index at 347, mainly from fewer poor/very poor ratings. Any damage from TS Barry is likely to show up in next week’s report due to the timing. The Cotlook A index for July 12 was down 75 points from the previous day at 74.05 cents/lb. The weekly AWP is 58.05 cents/lb through Thursday.
--provided by Brugler Marketing & Management