EUR/US$: 1.1193
U.S. Cotton: Futures Post Mixed Monday Trade
Barchart: Cotton futures closed mixed on Monday, with front months down 1 to 33 points and deferred contracts up 9 to 33 points, as crude oil fell about 5% and the US dollar weakened. The Seam sold 6,296 bales on Friday at an average of 79.63 cents/lb. ICE certified stocks rose by 8,551 bales on November 6 to 75,725 bales. Dec 26 settled at 78.78 (−33), Mar 27 at 82.60 (−19) and May 27 at 84.15 (−20).
Source: Barchart
U.S. Cotton: December Liquidation Under Way Ahead of First Notice Day
Calcot – Cindy Walters: December settled at 78.78, down 33 points, and March at 82.60, down 19 points, with volume above 100,000 contracts as December liquidation gathers pace two weeks before first notice day on November 23. Goldman Sachs, cotton's largest long-only speculative fund, is in the middle of rolling its December positions into March, and March open interest overtook December last Thursday. Certificated stocks rose by 48,725 bales last week, mostly current-crop cotton, with Allenberg believed to be behind the additions. Cash sales of US cotton remain light, as Brazilian prices typically undercut US offers, although many mills prefer US cotton. Outside markets were led by a 5.5% drop in crude oil on renewed hopes of a diplomatic end to the US-Iran war, which helped US stock indexes gain 2.2% to 2.7%.
Source: Calcot
Greece: Cotton Rebounds Despite Falling Oil
Agronews: Technical analysts see the right range for December '26 futures at 78–85 cents/lb. The market had recently tested its lows and was seen by many as oversold, prompting buyers to fix quantities and lifting prices even as crude oil turned lower, while the small US crop is expected to show up in upcoming USDA reports. In Greece, with December nearing expiry, gins are focused mainly on seed cotton prices and on fixing lint prices for open contracts, and new sales are expected once trading shifts to March '27. Sales so far are estimated at 90,000 tonnes out of an expected lint output of 220,000 tonnes, not far behind other years, although the sluggishness of Turkish spinning mills compared with the past is a concern.
Source: Agronews
Global: Cautious Gains Ahead of WASDE
Mambo: December futures gained 1.13% over the week to November 9 and the Cotlook A Index 0.22%, with gains narrowing further along the curve. The dollar's strength, especially against the Brazilian real since Lula's re-election, keeps Brazilian cotton competitive. Production estimates continue to be revised lower, with India's crop seen below 29 million bales, while China's crop remains a wildcard and Chinese demand is crucial for prices this season. US exports are running well ahead of last season, ICE open interest has increased and funds are leaning bullish, but textile consumption is expected to weaken amid economic uncertainty. Mambo remains cautious ahead of the November WASDE, as Brazilian competition may limit the upside while lower crop estimates and fund buying support prices.
Source: Mambo
U.S. Cotton: The Week Ahead
PCCA – Cotton QuickTake: Cotton recovered last week after a difficult start to November, with December falling to 77.04 cents on Tuesday before finishing Friday at 79.11, up 128 points, helped by a positive market reaction to the midterm elections, encouraging export sales and buying at lower prices. March open interest overtook December for the first time, and the wide December/March spread and ongoing roll may influence trading. Tuesday's WASDE is the main focus after USDA unexpectedly raised its US production estimate in October, while inflation data could shape expectations for the Fed's December decision, after a strong jobs report lifted the dollar. The weaker Brazilian real keeps Brazilian cotton competitive, and weather has raised quality questions in West Texas, making classing results increasingly important.
Source: PCCA
U.S. Cotton: Harvest Moves Further Ahead of Average
USDA: The US cotton harvest reached 71%, up from 63% a week earlier and ahead of the five-year average of 63%. Bolls open reached 94%, behind the 98% average.
Source: USDA NASS
Türkiye: Farmers Fight to Adapt as Droughts Loom in COP31 Host
Reuters: Turkish seed cotton output is expected to fall 38% to 1.2 million tonnes in 2026, according to the national statistics institute, and in the drought-prone Söke region cotton area has shrunk by around 60% to about 120,000 decares. Farmers such as Mehmet Kabak, who farms 900 decares, are switching to wheat and sunflower, which need less water, as government support has not kept pace with fuel, fertiliser and irrigation costs that have risen 40–60%. Agriculture uses 79% of Turkey's water, almost half of which is lost through inefficient infrastructure, and last year the country suffered its worst drought in more than 50 years, with rainfall 27% below average. A Reuters analysis shows water use in Turkey's cotton basins must fall 25–60% to sustain healthy ecosystems, while farmers say they need more technical support and access to finance for adaptation.
Source: Reuters
U.S.: Merchant Spotlight – Jordan Lea of Olam Agri
Cotton Grower: Jordan Lea, Vice President of Sustainable Materials at Olam Agri, which is also the US group manager for the Better Cotton Initiative, works with growers on regenerative practices as BCI moves to a regenerative standard. A former textile engineer who ran Eastern Trading for 25 years, Lea prefers the term "merchant" to "trader", stressing that merchants buy cotton after ginning, finance storage, manage quality and match bales to buyers, and can relay brands' sustainability and traceability expectations to growers. He argues that regenerative agriculture works only if cotton remains profitable, pointing to reduced tillage and cover crops that can cut erosion and input costs and stabilise yields, and calls for measuring results rather than reporting activities.
Source: Cotton Grower
Brazil: Cotton Prices Fall in October as Weak Demand Weighs
Fibre2Fashion: Brazil's domestic cotton market was weak in October, with low liquidity and cautious trading, according to CEPEA. The CEPEA/ESALQ index averaged BRL 4.1090 per pound (about 75 cents), 4.47% lower than in September, and ended the month at BRL 4.1302 (about 76 cents), down 1.05%, after a 1.7% rise in the last week as the dollar strengthened against the real. The dollar gained 5.41% against the real in October to BRL 5.453, while export parity at Santos rose 1.5% to about 78.2 cents/lb. Domestic prices averaged 1.3% above export parity over the month but fell below it from October 26 and ended the last week 3.8% lower.
Source: Fibre2Fashion
Pakistan: Production Rises but Still Falls Short of Industry Needs
Business Recorder – Naseem Usman: Pakistan's cotton production has risen 6.88% to 4.743 million bales, with 1.999 million from Punjab and 2.744 million from Sindh and Balochistan, but remains well short of the textile industry's needs. Local cotton traded between Rs15,500 and Rs18,500 per maund depending on quality and payment terms, while textile groups showed more interest in imports than in local cotton amid deteriorating quality. The tax authority has stepped up inspections and raids at gins, alarming the sector, while lower oil prices are expected to ease energy costs for the textile industry. The Pakistan Agricultural Research Council and the Central Cotton Research Institute are working on a joint strategy to strengthen research, as sector representatives warn that funding shortages are hurting variety development and yields.
Source: Business Recorder
Italy: Fairtrade Italia Spotlights Certified Cotton Supply Chain
Distribuzione Moderna: Fairtrade Italia is urging Italian textile companies to treat certified traceability as a competitive advantage, as EU Directive 2024/825, in force since September 27, 2026, allows sustainability labels only when based on independent certification and the ESPR Regulation will introduce a digital textile passport. Cotton involves about 100 million rural families in 65 countries, with smallholders growing 60% of the world's fibre. The Fairtrade cotton standard provides a minimum price and a premium for farming communities, which reached €134,273 from purchases in Italy in 2025, bans GM seed and harmful chemicals, and about 60% of Fairtrade cotton is also organic. Decathlon's mountaineering brand Simond has launched a clothing collection made from Fairtrade-certified cotton.
Source: Distribuzione Moderna
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