Cotton futures traded around 80 cents per bushel in early April, hovering around the lowest level since December 2020, pressured by a firmer dollar and expectations of higher supply. US Department of Agriculture said on March 31st farmers plan to sow 12.036 million acres with cotton this year, beating market expectations of 11.905 million. Elsewhere, investors continued to monitor a potential escalation of tensions between the US and top cotton buyer China after Washington condemned China's sanctions against two American religious-rights officials in a dispute over Beijing's treatment of Uighur Muslims.
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 78.48 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 70.04 in 12 months time.