American Fortune Four: Weather Concerns Increased &Nbsp; Cotton Prices Rebounded Sharply.
According to the American welfare Stone Company May 23rd report, last week (May 16-20), subject to
fund
Increasing number of bulls and unfavorable weather factors in cotton area, ICE
Cotton futures
A sharp rebound from the previous week, the July contract rose 1046 points, the biggest weekly gain since February.
recently
Pakistan
The temperature is rising rapidly, rainfall in Turkey is excessive, rainfall in eastern China is scarce, rainfall in the central and southern parts of the United States is excessive, and rainfall in Texas is scarce.
In particular, the biggest worry is still in the United States. At present, the drought in the cotton producing areas in western Texas has deteriorated further. The drought coverage has reached a record high. Although the fine weather in the cotton area is conducive to speeding up the planting of cotton, part of the upland cotton planting in the northwest still lags behind the previous years.
The flood in the Mississippi Valley has gradually receded, and the loss assessment is expected to be clear.
The weather forecast shows that the west of Texas will continue to clear up this week and the temperature is rising. Authorities say that the rate of US cotton abandonment will probably reach the highest level this year.
In addition, the accumulated rainfall in Southeast China's cotton producing areas this year is less than half of that of normal level, which is very unfavorable for the early growth of cotton plants. Although most areas in the latter part of this week are expected to have rainfall, it has little effect on alleviating the drought.
Overall, although the global cotton planting area is expected to increase substantially this year, cotton production will reach a high level in history, unfavorable weather in cotton producing areas will still play a supporting role in cotton prices.
In addition, considering the large backlog of cotton yarn inventory in textile mills and the slight increase in cotton consumption in the new year, cotton prices will remain strong until the cotton yields are clear this summer.
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