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USDA projects a 17.5 million bale US cotton crop, while a significant High Plains drought has caused heavy abandonment, with losses estimated at 75% of the dryland crop. Crops elsewhere in the US and abroad are in good shape, and Brazil and India demand is falling due to COVID-19 stay-at-home orders.
Drought losses in the High Plains are bullish, but ample world stocks and weaker demand keep the overall cotton picture balanced to bearish, limiting upside for cottonseed meal.
allagnews.comTony St. JamesJul 31, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
