Some cotton market watchers are predicting that the old crop March, May, and July futures contracts could bump the trading range to between 67 and 75 cents. Dr. O.A. Cleveland hopes they’re correct…but has his doubts.
The USDA WASDE cotton report for February shows minimal changes for both the U.S. and global balance sheets.
It is past time to suggest that cotton is undervalued. But the absence of demand continues to thwart any price movement to higher prices.