Cotton prices are challenging the short-term resistance at 84-85 cents, essentially trading at a three-month high.
The 78-83 cent trading range continues to provide price support on the lower side and price resistance on the upper side and will likely be dominant into the March contract’s first notice day.
USDA’s January 2024 WASDE report shows lower production, exports, and ending stocks for U.S. cotton, with higher ending stocks, higher production and lower consumption for other cotton-producing countries.