Cotton futures climbed to nearly 69 cents per pound, the highest level in more than a week, driven largely by firmer oil prices amid the ongoing crisis in the Middle East. The market also drew support from signs of strengthening demand and emerging supply concerns.
According to the latest USDA weekly export sales report for the week ended March 19, net sales of upland cotton reached 202,400 running bales for the current marketing year, up from 196,700 running bales in the prior week.
On the supply side, worries are intensifying as persistent dry conditions across the US cotton belt, together with record-high March temperatures, heighten crop risk. Market participants are now focused on the USDA’s Grain Stocks and Prospective Plantings reports, due on March 31, for further insight into supply dynamics.
