Cotton Weakens Under Macro Pressure; Hog Supply Steady as Consumption Softens

Wuxi Futures analysts say high commercial cotton inventories and state reserve sales are offsetting expected output cuts, with the USDA raising its global cotton production and stocks-to-use forecasts. For hogs, slaughter weights are rising, supply is not falling meaningfully, and consumer demand is weakening, so inventory destocking is slow.

Hog futures still trade above spot prices, and the firm recommends a bearish near-term stance.