US Upland Cotton Prices Slide as Exports Dip and Sales Surge

Prices for US Upland cotton experienced a downward trend, with the adjusted world price falling to 61.33 cents per pound for the week ending May 2, 2024, according to the latest report from the USDA's Cotton and Tobacco Program. This marks a continuous decline from the 72.50 cents per pound recorded in late March.

Despite the price dip, net sales of Upland cotton for the 2023/2024 marketing year saw a significant boost, reaching 177,100 running bales (RB). This represents a 21% increase from the previous week and a substantial 73% jump from the prior four-week average. The primary drivers of this surge were increased sales to China (94,700 RB), Pakistan (26,800 RB), and Vietnam (14,200 RB).

However, export figures painted a different picture. Exports of Upland cotton for the week totaled 261,700 RB, reflecting a 2% decrease from the previous week and an 18% drop compared to the prior four-week average. The main destinations for these exports were China (99,800 RB), Pakistan (39,100 RB), and Turkey (27,000 RB).

The report also highlighted a notable increase in Pima cotton sales. Net sales of Pima cotton for the 2023/2024 marketing year reached 12,500 RB, a significant rise from the previous week and a staggering 94% jump from the prior four-week average. Vietnam, China, and India emerged as the primary destinations for these sales.