Cotton futures are trading 118 to 169 points lower this morning. They ended Tuesday with most contracts 66 to 92 points higher, with the help of deteriorating crop conditions as reported on Monday. Late Tuesday afternoon a Bloomberg report stated that President Trump was preparing to release proposed tariffs on an additional $200 billion in Chinese goods. Monday’s Crop Progress report showed that 51% of the Texas crop was squared as of Sunday, with 18 setting bolls, both ahead of normal. Condition ratings in TX were down 14 points to 268, with the overall ratings at 313. The Cotlook A index was up 250 points from the previous day on July 9 to 94.60 cents/lb. The weekly USDA AWP is 74.59 cents/lb through Thursday.