ICE cotton drops first and then rebounds

ICE cotton futures market dropped first and then rebounded. Contract of Jul closed at 65.99cent/lb, up 0.37cent/lb and contract of Dec closed at 68.35cent/lb, up 0.14cent/lb. By the week ending Jun 8, about 76% U.S. cotton crops have been planted, up 10 percentage point from Jun 1, down 3 percentage point from the same period of 2024, down 4 percentage point from five-year average, according to USDA. 12% of crops has been squaring. Crop condition is 10 percent very poor, 11 percent poor, 30 percent fair, 43 percent good and 6 percent excellent.

Cotlook A Index rose by 0.25cent/lb to 78.00cent/lb.