Cotton Prices Drop As Plantings Improve


Cotton prices were on track for their fifth straight session of losses Tuesday as farmers catch up on delayed planting in the U.S.

Cotton for July delivery fell 0.6% to 63.38 cents a pound on the ICE Futures U.S. exchange.

“Planting in the U.S., which initially got off to a sluggish start, is now making good progress…the condition of plants has improved considerably,” Commerzbank said in a note.

In Texas, the largest U.S. cotton producer, 86% of the crop was planted this week. High soil moisture there has farmers expecting a big crop this year, says O.A. Cleveland, professor emeritus, Mississippi State University.

In other markets, raw sugar for July fell 1.6% to 19.23 cents a pound, cocoa for September was flat at $3,108 a ton, arabica coffee futures for July dropped 1.1% to $1.3585 a pound, frozen concentrated orange juice futures dove lower, down 2% at $1.64 a pound.