Cotton futures traded around 84 cents a bushel, close to 1-month highs, supported by dry weather conditions in key growing regions and hopes for robust demand as economies reopen. The USDA expects world cotton production to rise nearly 5% from the year before in 2021/22, to 119.5 million bales. At the same time, world cotton consumption is expected to continue rebounding in 2021/22, rising 4.1% from a year earlier to 122 million bales, pushing world stocks down by 3.2 million bales.
Historically, Cotton reached an all time high of 1349 in September of 2020. Cotton - data, forecasts, historical chart - was last updated on April of 2021.
Cotton is expected to trade at 82.65 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 73.76 in 12 months time.