Cotton Growth Has Led To A Sharp Fall In US Cotton Futures.

On Tuesday, US cotton futures fell and closing prices fell to the 14 month low in the previous week.

At ICE

Earlier in the day, it fell by 0.8% to 0.904 dollars / pound.

November 22 date

After the market closed on Monday, the US Department of Agriculture said in its progress report on crop growth that as of November 27th, nearly 92% of US cotton had been picked up, up from 84% last week, and higher than the average picking rate of 82% over the same period of 5 years.

Texas is the largest cotton producing state in the United States. By the end of last week, about 93% of cotton had been picked, compared with 82% in the previous week, compared with 86% in the third largest cotton producing state in Alabama in the same period, which is 80% higher than that of the previous week.

The United States is the third largest cotton producer and the largest exporter of cotton in the world.

Cotton futures have been down 6 days in the past 8 trading days, with a drop of nearly 11% in November. The reason is that China's demand is slowing in the biggest cotton consumption countries. Meanwhile, the increasing competition faced by US export sales has put great pressure on cotton prices in recent weeks.

Meanwhile, commodity traders continue to focus on the progress of the debt crisis in the euro area.

Italy's Ministry of Finance auctioned 7 billion 500 million euro debt, but borrowing costs soared to a new high in the euro era.

The yield of the new 3 - year treasury bond is 7.89%, and the yield of 10 - year treasury bonds has risen to 6.06% from 6.06% last month.

Traders also closely watched the euro zone finance ministers' meeting later that day, with finance ministers expected to approve the expansion of the relief fund plan and the European financial stability measures.

They also expect to sign Greece's next financial aid.

In other respects, the ICE futures exchange's March delivery of coffee futures rose 0.53% to close at $2.2960 a pound, while the white sugar futures index for March delivery fell 0.15% to 0.2320 dollars / pound.