International Cotton Market

12-Feb-2025 08:08 AM

International Cotton Market
ICE cotton futures mostly ignored the large stocks estimate announced by the USDA on Tuesday, with contracts maintaining a gain of 67 to 86 points by the close of the day. External markets played a supportive role on Tuesday. Crude oil futures rose by 86 cents per barrel, while the US Dollar Index ended the day down by $0.413.
This morning, the cotton ginning report released by NASS showed 406,750 running bales (RB) ginned in the last two weeks of January, bringing the total for the marketing year to 13.962 million RB, which is 19.67% higher than the same period last year. In the USDA WASDE update, domestic use was increased by 100,000 bales through a reduction of 100,000 bales, raising the carryout estimate to 4.9 million bales. Global cotton stocks increased by 500,000 bales, reaching 78.41 million bales.