The production of cotton in the USA is expected to boost by 3.8% against July’s figures. Experts improved the forecast after Texas predicted a better harvest.
The harvesting campaign is expected to start in the near future. The yield is estimated at 3,85 million tons. A month ago, analysts expected the yield to be 3,706 million tons of cotton. Nevertheless, some experts haven’t change their forecast.
According to the report published on August 5th, 41% of the crop is in god or perfect condition. Last year, it was only 30%.
In the new marketing year, the USA may export up to 2,6378 million tons of cotton. During the last marketing year, the export was estimated at 2,55278 million tons.
The chart below, courtesy of , reflects the current state of affairs in the market of cotton futures. The price is forming wave (с) of 2. The closest levels of resistance are 73,68 ,74,34 and 75. Which one of them will stay unbroken? This will depend on the nature of the internal wave structure of the current wave.
