ICE cotton futures slipped further after the release of much awaited USDA monthly supply and demand estimation report
US cotton production during year 2019-20 was estimated at 22 million bales of 480 lb each against the
consumption of 3.10 million bales wherein exports and ending stocks were projected at 17 million bales
and 6.40 million bales respectively. Cotton production is US during year 2019-20 is estimated to be
higher by 20% y/y wherein export is likely to increase by 15% y/y. Most active Dec delivery cotton
futures traded at ICE dropped by 0.84% to 65.10 cent/lb.
Meanwhile, USDA released its crop progress report showed cotton planting in US has lagged behind to
the previous year’s acreages. About 75% of the area has been sown with cotton till 9th June against
previous year’s coverage of 74% and 72% of five years average. In Texas, about 67% of cotton plating
was finished till above mentioned period compare to 85% of prior year and 82% of five year average
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