Cotton
The fiber of textiles, traded in bales with China, Brazil, and the US as the export powers.
Overview
New York trades 50,000 pound contracts deliverable against certified warehouse receipts. China and India lead production, the US is the top exporter shipping to Asian spinners, and Brazil grows the crop that resets world trade when its bumper harvests land. Polyester, made from oil, is the great rival, so the cotton polyester ratio steers mill buying and crude matters to a field crop. Acreage fights soybeans and corn at planting. Texas drought sets the US crop, Xinjiang forced labor bans restructure Chinese trade flows, and USDA monthly reports move the market weekly. Chinese reserve stockpiles buffer the world.
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