With the prices for cotton and polyester converging on the world market, the International Cotton Advisory Committee expects world consumption of cotton to increase five percent to 24.5 million tons in 2014/15.
Market technicals suggest the 60 to 62 cent level will hold for prices in the very short run – depending, in large part, on weather patterns for Texas and India.
The USDA Crop Progress report for July 27 shows squaring and boll set numbers on target with the five-year averages, and overall crop condition well above the same week last year.
According to the July 20 USDA Crop Progress report, squaring and boll set numbers are now above the five-year averages for the date, and overall crop condition remains unchanged in the past week.
According to the July 13 USDA Crop Progress report, the 2014 cotton crop is fruiting quickly and is now right in line with the five-year averages for this date.
The July 6 Crop Progress report shows that 2014 cotton acres are running slightly behind last year in terms of squaring and boll set, but are in far better condition at this time than the 2013 crop.
U.S. cotton acres for 2014 are up nine percent over last year, according to the USDA Acreage report released June 30.
Cotton squaring throughout the U.S. Cotton Belt increased 12 percent in the past week, seven more states reported bolls in the field, and the overall crop condition remained 87 percent positive, based on the June 29 USDA Crop Progress report.
According to the June 22 USDA Crop Progress report, one fourth of the 2014 U.S. cotton crop is now squaring, boll set has started in some areas, and more than half of the crop is rated good to excellent.
According to the June 15 USDA Crop Progress report, the 2014 cotton crop is maturing nicely from one end of the Cotton Belt to the other.