Cotton Summary: April 18, 2024.

ICE futures continued lower yesterday with May sinking below the psychological 80 cent support level eventually settling -1.73 at 79.56. Traders credit the continual build in the ICE cert stock as well as continued speculative selling with driving prices lower. The forecast for rain across large parts of Texas was also thought to be weighing on the back of the board. In addition to these cotton specific features, commodity prices were broadly lower as crude tumbled yesterday. In cotton, the price weakness continues to attract active fixations and even new export interest, however, is not sufficient to fully support the selling. Traders report physical activity in nearly every major destination and in all available growths. There have been some hints of improving basis levels, but buyers remained predominantly held the driver’s seat.