Cotton edges higher as USDA crop ratings fall 5 percentage points to 48%
AI Market Summary
ICE cotton futures firmed after USDA NASS crop ratings fell to 48% good/excellent, down 5pp w/w, signaling potential yield risk despite planting and development tracking seasonal averages. The weaker dollar and firmer crude provided incremental support, but the ratings downgrade was the key fresh catalyst. Focus now shifts to the June acreage report, with expectations near 9.6m planted acres.
Impact level
● Medium
Affected assets
NCCOCOTTON2USD/USDT+0.37%
AI Insight · NCCOCOTTON2USD/USDTAI Insight
▲ Bullish
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U.S. cotton crop condition ratings fell 5 percentage points week over week to 48% good/excellent, signaling tighter supply, according to the USDA’s latest NASS Crop Progress report. ICE cotton futures rose across the board, with the benchmark Jul 26 contract up 34 points to 72 cents per pound. Crude oil prices also moved higher and the U.S. dollar index weakened, but the key driver was the downgrade in crop ratings.
