Cotton Slipping Back on Wednesday Morning

Cotton prices slid early Wednesday, falling 19 to 28 points in morning trading. Despite the weakness, the ICE futures market closed mostly higher, with contracts ending 99 to 299 points up, and some reaching the three-cent daily limit on the high end. Outside markets were mixed as crude oil rose $3.65 after Iran struck vessels in the Strait of Hormuz overnight, prompting the U.S. to revoke waivers that had authorized Iranian oil exports. The U.S. dollar index rose $0.230. In the U.S., Crop Progress reported 49% of the cotton crop “squared” as of Sunday, 2% ahead of normal, while boll set reached 14%, matching the five-year pace. Exports totaled 1.46 million bales in May, up 15.3% year on year. ICE certified stocks were unchanged at 185,034 bales on July 6.