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A Texas AgriLife economist warns that a large 2019 US cotton crop and rising 2019/20 carryout stocks could push December 2019 ICE cotton futures down 10 to 15 cents. He notes that little forward contracting is occurring and that PLC payments would only partly cushion lower prices.
Cotton is a source of cottonseed meal, so a weaker cotton price path would tend to pressure cottonseed-derived feed values. The outlook is a forecast about a possible decline rather than a new supply shock.
farmprogress.comJohn RobinsonFeb 7, 2019Not 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.
