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Cotton futures traded near 84 cents per pound, after reaching a three-month high of 84.5 cents, as adverse weather in key producing regions fueled supply concerns. The USDA’s latest crop progress report showed 42% of the US cotton crop was rated good to excellent, down from 46% a week earlier and 55% a year ago. Cotton is entering a critical stage of the growing season, while triple-digit temperatures and limited rainfall threaten both dryland and irrigated fields. In India, below-average monsoon rainfall is expected to persist through August, raising concerns over yields. Meanwhile, Brazil’s cotton production is projected to decline as El Niño-related dryness intensifies through September. Adding to supply concerns, China barred domestic entities from doing business with six US cotton-linked firms following Washington’s addition of 43 Chinese companies to its forced-labor import restriction list. Still, the rally has left cotton vulnerable to profit-taking as traders lock in gains.
