Data from the October USDA supply demand report indicate that Brazil is now the world’s third largest producer with global market share equal to the U.S.
USDA’s October 2023 WASDE report for cotton lowers estimates for U.S. cotton production, exports, and ending stocks, slightly increases world production, and lowers world stocks due to revised accounting for Brazil’s crop.
The cotton market has enjoyed an increase in open interest, giving hope to bulls that the 90-cent barrier can be breached.