Cotton futures on ICE rose past 106 cents per pound, the highest in six weeks boosted by a weaker dollar and crop condition ratings. The latest USDA crop report showed that 34% of the US crop is rated poor/very poor, while 35% is rated fair and 31% is rated good/excellent. Also, cotton crops in India are under threat of pink bollworm pest, which attacked sooner than expected this year in Punjab and Haryana, due to the scanty rainfall in the early part of the sowing season.
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Historically, Cotton reached an all time high of 227 in March of 2011. Cotton - data, forecasts, historical chart - was last updated on August of 2022.
Cotton is expected to trade at 105.32 USd/Lbs by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 117.04 in 12 months time.