Cotton futures are showing 98 to 138 point gains so far on Tuesday, as bulls are finding some steam with the help from a USDA acreage cut. The US dollar index is back down $0.511 to $97.850, as crude oil futures are down 76 cents.

USDA showed a total of 840,000 planted acres and 1.3 million harvested acres cut from cotton this morning with yield up 53 lbs to 862 lbs/ac. Production was still trimmed by 1.39 million bales to 13.21 million bales. That mixed with a 100,000 bale cut to old crop stocks to 4 million bales, helped to tighten the new crop stocks. That was down 1 million bales to 3.6 million on a 500,000 bale cut to exports.

The weekly Crop Progress report from NASS showed a total of 93% of the US cotton crop squared by August 10, with 65% setting bolls, 6 points behind average. There was 8% of the crop with bolls opening vs. 10% on average. Conditions were down 2% at 53% gd/ex, with the Brugler500 index falling 7 points to 338. Conditions in TX were down 8, with GA slipping 3 points.

The Seam reported 2,638 bales sold on the Monday online auction at an average price of 70.47 cents/lb. The Cotlook A Index was back up 25 points at 78.00 cents on August 11. ICE cotton stocks were steady on 8/11, with the certified stocks level at 18,242 bales. USDA’s Adjusted World Price (AWP) was down 13 points on Thursday afternoon at 54.39 cents/lb. 

Oct 25 Cotton  is at 66.67, up 138 points,

Dec 25 Cotton  is at 67.74, up 98 points,

Mar 26 Cotton  is at 69.24, up 101 points