PRESS ROOM
Cotton prices trading near a 7-year high
Friday 10th September '21
Cotton prices are trading near a seven year high. The unexpected downward revision of the US cotton crop estimate by the United States Department of Agriculture (USDA) coupled with the prospect of tropical storms in key US cotton plantations is lending buoyancy to cotton prices. The impact of the lower US crop is being reflected in global figures. USDA expects the global cotton crop to total 118.8mn bales, with ending stocks set to fall to 87.2mn bales, which is 500,000 bales lower than the prior forecasts. At the same time world consumption has staged a strong comeback at 119mn bales in 2020/21 reported last month, representing a sharp rise from the prior estimates of 102.8mn bales during the pandemic levels.