Cotton edges higher as USDA crop ratings fall 5 percentage points to 48%

U.S. cotton crop condition ratings fell 5 percentage points week over week to 48% good/excellent, signaling tighter supply, according to the USDA’s latest NASS Crop Progress report. ICE cotton futures rose across the board, with the benchmark Jul 26 contract up 34 points to 72 cents per pound. Crude oil prices also moved higher and the U.S. dollar index weakened, but the key driver was the downgrade in crop ratings.