Cotton Rallying on Wednesday Morning

Cotton prices are rebounding on Wednesday morning, with nearbys up 105 to 110 points, while some front-month futures remain lower. The session starts with contracts mixed: futures down 8 to 22 points in the front months, and other contracts up 2 to 40 points. Crude oil is down $5.20 per barrel and the U.S. dollar index is down $0.031. The Monday Crop Progress report showed good/excellent conditions at 42%, down 4 points week over week. Export data from Census put June shipments at 1.245 million bales excluding linters—down for the month but still a 4-year high. ICE-certified stocks fell 1,235 bales to 86,371 after decertification.