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2026-05-29 16:53:08
Cotton futures hover near one-month lows, pressured by falling oil prices and ample supply. ⑴ Cotton futures traded around 77 cents per pound, near their lowest level since mid-April, pressured by falling oil prices and signs of ample supply and improved production prospects. ⑵ Latest data showed that exchange-certified stocks increased by 104 bales to 225,259 bales, the highest level since July 2017. Meanwhile, weather conditions in the U.S. cotton belt improved, particularly in West Texas, easing drought concerns and improving crop prospects. ⑶ A U.S. Department of Agriculture report showed that as of May 24, U.S. cotton planting progress reached 53%, higher than 50% at the same time last year and slightly above the five-year average, reinforcing expectations of stable to increasing supply. ⑷ In addition, the U.S. Secretary of Agriculture announced a plan aimed at strengthening the U.S. cotton industry and supporting producers. Elsewhere, consulting firms maintained their 2025-2026 Brazilian cotton production forecast at 3.858 million tons, while raising their export forecast by 6.5% to a record high of 3.3 million tons.
