Cotton futures settled with most contracts steady to 31 points higher, as front month July was lower ahead of Thursday’s options expiration. The FOMC raised their short term interest rate target again this afternoon by 1/4% (now at 2%), and are expecting 2 more hikes in 2018. Informa put their expected 2018 cotton acreage at 14.137 million acres this morning, compared to 13.469 in the March USDA report. USDA increased their cash average farm price by 5 cents on each end of the range to 60-80 cents/lb yesterday, with the mid-point at 70 cents. The Cotlook A index was down 70 points from the previous day at 100.65 cents/lb on June 12. The current AWP of 81.27 cents/lb will be updated on Thursday.

Jul 18 Cotton closed at 93.810, down 140 points,

Oct 18 Cotton closed at 93.940, up 31 points

Dec 18 Cotton closed at 92.930, up 3 points

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