EUR/US$: 1.1127
U.S. Cotton: Futures Slip Lower on Wednesday
Barchart: Cotton futures closed Wednesday steady to 17 points lower, as the US dollar strengthened sharply and crude oil edged higher. The Seam sold 1,780 bales on November 10 at an average of 75.21 cents/lb. Dec 26 settled at 78.52 (−17) and Mar 27 at 82.39 (−12).
Source: Barchart
U.S. Cotton: Third Session of Little Change as Funds Roll Positions
Calcot – Cindy Walters: Cotton futures finished with little net change for a third straight session, although December and March both posted a third consecutive lower close, losing 59 and 40 points respectively over the three days. Despite heavy volume, the market has been quiet, as much of the activity reflects Goldman Sachs and other funds rolling December positions into March, and March settlements have stayed within a 40-point range for five sessions. Total open interest has fallen in every session since its record on October 21, dropping by almost 44,000 contracts in 14 sessions. Because of the Veterans Day holiday, USDA's weekly export report moves to Friday and the CFTC Commitments of Traders report to Monday. The US dollar index reached a fresh 19-month high, while hopes for an early end to the US-Iran war faded.
Source: Calcot
India: Garment Makers Rethink Reliance on US After Tariff Shock
Reuters: Indian garment exporters are reducing their dependence on the US after tariffs that reached as much as 50% last year, even though duties are now lower and a trade deal is possible. Orient Craft has cut the US share of its sales from 84% to below 10%, shifting to Britain, Europe and the domestic market, after US buyers cancelled orders or asked suppliers to absorb 25% of the duty despite margins below 10%. Gokaldas Exports, which employs more than 53,000 people, aims to raise Europe's share of revenue to 25–30% over three to five years. US duties on Indian products currently stand at 10% under Section 301 plus base tariffs of 6–12%, while India's own $150 billion apparel market, growing 7–8% a year, offers a buffer, though exporters say they will not abandon the US.
Source: Reuters
Bangladesh: Brazil Widens Lead as Top Cotton Supplier
The Daily Star: Brazil supplied about 2.4 million bales, or 33% of Bangladesh's cotton imports, in 2025/26, up from 1.9 million bales and a 25% share a year earlier, according to USDA. India was second with 1.0 million bales (15%), followed by Benin with 870,000 bales and the US with 860,000 bales (12% each). Bangladesh, the world's third-largest cotton importer, consumed 7.6 million bales and met 97% of its needs with imports; spinners prefer US cotton for quality and low contamination, but South American and West African origins gain from lower freight and shorter lead times. For 2026/27, USDA forecasts imports up 1.35% to 7.5 million bales and consumption at 7.7 million. The country's 530 spinning mills are running at only about half capacity because of the energy crisis, while the cash incentive for garment exports using local yarn and fabric has been raised to 5%.
Source: The Daily Star
Uganda: Concerns as Cotton Production Drops Further
Parliament of Uganda: Uganda's cotton production rose from 50,708 bales in 2020/21 to a peak of 115,975 bales in 2022/23 before falling to 64,338 bales in 2023/24 and 54,883 bales in 2024/25, the Ministry of Trade told Parliament's trade committee on November 11. The sector faces inadequate raw material supply, underused processing facilities, high costs and competition from imported textiles, which rose from Shs715 billion in 2020/21 to Shs779 billion in 2024/25, with second-hand clothing making up over 55%. Lawmakers called for the revival of cooperatives, while the ministry is assessing a 10,000-hectare nucleus farm to reduce reliance on out-growers and proposes a ban on second-hand clothing imports.
Source: Parliament of Uganda
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