Even with cotton prices soaring above $1 this year, China is back in market for U.S. cotton.
USDA ‘s weekly Export Sales data for the week ended May 26 showed net sales of U.S. cotton for both old- and new-crop delivery with additional sales of sorghum but cancellations of old-crop soybean sales.
Overall, the data also shows net sales activity for 2021-22 included sales of 62,806 tonnes of corn, 65,665 tonnes of sorghum, cancellations of 72,232 tonnes of soybeans and net sales of 144,741 running bales of upland cotton. The only activity reported for 2022-23 was sales of 88,184 running bales of upland cotton. Net sales for 2022 of 4,772 tonnes of beef and 8,988 tonnes of pork were also reported.
Due to cotton price volatility, there’s less data and price forecasting taking place. Earlier this week, the International Cotton Advisory Council announced a temporary pause in its monthly forecast of season-average cotton prices and said it would decide in August whether to resume the estimates.
USDA’s weekly Crop Progress report shows the cotton crop in Texas is in trouble, with more than 60% rated poor to very poor.
