Cotton futures declined on October 10, 2023, with contracts dropping 41 to 126 points. The market faced additional pressure as crude oil prices fell by $3.24 per barrel, and the US dollar index saw a slight decrease.
In August, US cotton export shipments fell to 684,962 bales, marking a 10-year low for the month, which represents a 34.07% decline compared to last year and an 11.49% drop from July. According to the latest Crop Progress report, 26% of the US cotton crop has been harvested, surpassing the average of 22%. Texas is ahead of normal harvest rates by 4 percentage points, while Georgia is slightly below average. Cotton condition ratings dipped to 29% good/excellent.
As for market prices, December 2024 cotton closed at 72.27 cents per pound, down 126 points, while March 2025 and May 2025 cotton closed at 74.42 and 75.75 cents per pound, down 120 and 115 points respectively.
