The New Year is threatening to open a door to higher prices for cotton. The final week of the year saw higher prices each day – a very unusual trading pattern, and “unusual” can typically be associated with bullish news. The daily price increases were small but nevertheless higher each day.
December 2023/24 U.S. cotton forecasts include lower production, mill use and ending stocks. Production is reduced by 314,000 bales to 12.8 million largely due to a 500,000-bale decrease in the Texas crop. U.S. mill use is reduced by 150,000 bales as spinning activity continues to lag, and at 1.9 million bales, it is expected to […]