Cotton futures slide 60–70 points after USDA raises U.S. acreage to 10.47 million
AI Market Summary
USDA's August Crop Production report raised US cotton planted area by 620k acres to 10.47m, increasing expected supply despite a modest production cut to 13.61m bales from lower yield. New-crop ending stocks were trimmed to 4.0m bales, but the acreage surprise dominated near-term pricing, pressuring ICE cotton futures. A slightly firmer dollar and flat oil offered little offset.
Impact level
● Medium
Affected assets
NCCOCOTTON2USD/USDT+0.01%
AI Insight · NCCOCOTTON2USD/USDTAI Insight
▼ Bearish
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The USDA’s August Crop Production report raised U.S. cotton planted area by 0.62 million acres to 10.47 million, while trimming the production outlook by 90,000 bales to 13.61 million. Markets focused on the prospect of higher supply, and ICE cotton futures fell 60–70 points on Wednesday, according to the USDA report. The U.S. dollar index edged higher and crude oil prices were little changed. New-crop ending stocks were cut by 100,000 bales to 4 million, while U.S. spot sales totaled 517 bales at an average price of 75.24 cents.
