U.S. cotton futures prices soar to ten-year high thanks to exports to China
According to the Wall Street Journal, thanks to the growing demand in the Chinese market, U.S. cotton futures prices have reached their highest level in about a decade, and U.S. cotton exports to China have continued Growth has partly met that demand and is arguably one of the more surprising things brought about by the Trump-era trade war policies. The most actively traded U.S. cotton futures on the Intercontinental Exchange closed up 0.4% on Monday at $1.05 a pound, maintaining their highest level since September 2011. In the past 10 trading days, the price of cotton futures has increased by 18%. Clothing prices may then rise. Cotton produced in the United States meets China’simportcotton demand to a certain extent. According to data from the U.S. Department of Agriculture, since the start of the new marketing year on August 1, U.S. cotton export sales to China have been 83% higher than the same period last year. According to the latest outlook from the U.S. Department of Agriculture, China’s cotton consumption this marketing year is expected to be 41 million bales, equivalent to approximately 8.9 million tons. That’s a 24% increase over the past two sales years, driven in part by a post-pandemic surge in demand for consumer goods.
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