During the period until the end of February 2024, cotton prices on the NY stock exchange showed a positive trend
Agrolink – Aline Merladete
Published on 04/25/2024 at 3:01 pm.
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Cotton lint futures prices on the New York Stock Exchange (ICE) experienced a drop after reaching high levels recently, according to data released by the Mato Grosso Institute of Agricultural Economics (Imea).
During the period up to the end of February 2024, cotton prices on the NY Stock Exchange showed a positive trend, driven by the expectation of lower lint production in the United States. However, in April of the same year, prices suffered a significant drop, attributed to an unfavorable macroeconomic outlook in large fiber-consuming countries. Furthermore, a slight cut in global demand estimates, according to the United States Department of Agriculture (USDA) report, contributed to pressure on prices in the external market.
Last week, July 2024 and December 2024 futures contracts recorded average prices of ¢$82.68/lp and ¢$78.66/lp, respectively. This represents a drop of 14.34% and 6.32% compared to the last week of February 2024 when prices reached their highest levels.
