ICE cotton futures market rebounds

ICE cotton futures market rebounded. Contract of Dec closed at 69.21cent/lb, up 1.22cent/lb and contract of Mar closed at 70.91cent/lb, up 1.15cent/lb. By the week ending Jul 28, 87% of the crops was squaring, up 6% from previous week, up 3% from a year ago, 3% from five-year average, according to USDA. 54% of crops was setting bolls, up 12% from previous week, 10% from a year ago and 8% from five-year average. Crop condition was 9 percent very poor, 13 percent poor, 29 percent fair, 40 percent good and 9 percent excellent.

Cotlook A Index reduced by 0.95cent/lb to 78.35cent/lb.