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.