Global Cotton Futures Prices Soar

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Cotton futures prices spiked four cents per pound, or limit-up, trading higher than 90 cents on Tuesday. While cotton prices have been on an upward trajectory since October 2017, this recent price climb was caused by scorching temperatures in the United States’ southern Plains. According to John Payne, author of This Week in Grain, dryland cotton farmers are increasingly deciding to abandon planting in northern Texas due to the high likelihood of droughts in the forecast. Compounding the poor production outlook, farmers in the southeast are experiencing waterlogged fields due to Tropical Storm Alberto, hampering cotton production. Moreover, strong global demand and a flat global production outlook are further propping up cotton prices. Last week’s 100 percent auction sellout of Chinese reserve cotton highlights strong demand for the crop. As cotton futures prices continue to climb, Gro Intelligence can provide subscribers with the data and analytics to stay ahead of the global cotton market.

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