ICE No. 2 Cotton
June 12, 2025
Open High Low Settle Change
Jul '25 65.41 65.47 64.69 65.14 -33
Oct '25 65.23 65.63 65.21 65.52 -20
Dec '25 67.65 67.67 67.02 67.47 -18
Mar '26 68.98 68.98 68.35 68.79 -21
May '26 69.92 70.03 69.43 69.87 -22
Jul '26 70.91 70.91 70.37 70.79 -19
Oct '26 - - - 69.36 -9
Dec '26 68.56 69.00 68.55 68.90 -7
Mar '27 - - - 69.87 -7
May '27 - - - 70.46 -7
ICE estimated futures volume: 66,300
期近7月限は、寄り付きから方向感を探りながら推移。結果、前日比33ポイント安の65.14/LBで引けた。
また、期近12月限も同様の値動きであり、最終的に前日比18ポイント安の67.47/LBで引けた。推定出来高は66,300枚。
【相場要因】
期近7月限は、投機筋らによる売り圧力が伴い値を下げてひけた。大手投機筋による限月乗り換え期間は、最終日を迎えており出来高は連日で堅調だった。
6月の需給報告が発表されるとわずかに反発して強気に推移したが、終日上値が重い展開となった。
需給報告では、米綿24/25 CROPの輸出見通しが上方修正されたことで、期末在庫が下方修正されている。また、米綿25/26 CROPの収穫量の見通しについても、悪天候の影響を受けたことを背景に下方修正がされている。詳細後述。
週間輸出成約報告では、成約量が前週より増加しており、特にベトナムやインド、パキスタン向けの販売が好調。ただ、全体の輸出量は前週比で25％減少していたこともあり、相場への影響は限定的だった様子。詳細後述。
【米国農務省月間需給報告】
DJ USDA Supply/Demand: U.S. Cotton - Jun 12
Thu Jun 12 12:01:50 2025 EDT
U.S. Cotton Supply and Use 1/
=========================================================================
Item 2024/2025 2025/2026
prev Jun 12 prev Jun 12
==========================================================================
Area
Million acres
Planted 11.18 11.18 9.87 * 9.87 **
Harvested 7.81 7.81 8.37 * 8.19 **
Pounds
Yield per harv. acre 886 886 832 * 820 **
Million 480 pound bales
Beginning stocks 3.15 3.15 4.80 4.40
Production 14.41 14.41 14.50 14.00
Imports 0.01 0.01 0.01 0.01
Supply, total 17.57 17.57 19.31 18.41
Domestic use 1.70 1.70 1.70 1.70
Exports, total 11.10 11.50 12.50 12.50
Use, total 12.80 13.20 14.20 14.20
Unaccounted 2/ -0.03 -0.03 -0.10 -0.10
Ending stocks 4.80 4.40 5.20 4.30
Avg. farm price 3/ 63.00 63.00 62.00 62.00
==========================================================================
Note: 1/ Upland and extra-long staple; marketing year beginning August 1.
Totals may not add due to rounding. 2/ Reflects the difference between the
previous season's supply less total use and ending stocks. 3/ Cents per pound
for upland cotton. *Planted area as reported in March 31, 2025 Prospective
Plantings. Harvested area based on 10-year average abandonment by region,
with the Southwest adjusted to reflect moisture conditions. Yield based on
5-year average yields by region. **Planted area as reported in March 31, 2025
Prospective Plantings. Harvested area based on 10-year average abandonment by
region, with the Southwest and Delta adjusted to reflect moisture conditions.
Yield based on 5-year average yields by region, with the Delta adjusted to
reflect delayed planting.
Write to Linda Rice at csstat@dowjones.com
(END) Dow Jones Newswires
June 12, 2025 12:01 ET (16:01 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
DJ USDA Supply/Demand: World Cotton - Jun 12
Thu Jun 12 12:02:05 2025 EDT
World Cotton Supply and Use 1/
(Million 480-pound bales)
=============================================================================
beginning domestic exports ending
stocks prod imports use loss 2/ stocks
=============================================================================
2025/26 (Projected)
World
May 78.40 117.81 44.82 118.08 44.83 -0.25 78.38
Jun 77.29 116.99 44.82 117.76 44.79 -0.25 76.80
World Less China
May 40.79 88.81 37.82 81.58 44.73 -0.25 41.36
Jun 40.17 86.99 38.32 81.26 44.69 -0.25 39.78
United States
May 4.80 14.50 0.01 1.70 12.50 -0.10 5.20
Jun 4.40 14.00 0.01 1.70 12.50 -0.10 4.30
Total foreign
May 73.60 103.31 44.82 116.38 32.33 -0.15 73.18
Jun 72.89 102.99 44.81 116.06 32.29 -0.15 72.50
Major exporters 4/
May 26.31 59.74 4.05 35.63 28.32 -0.15 26.30
Jun 26.12 58.72 4.45 35.52 28.23 -0.15 25.68
Central Asia 5/ May 2.89 5.12 0.20 4.09 1.46 0.00 2.67
Jun 2.87 5.10 0.20 4.08 1.44 0.00 2.65
Afr Fr Z 6/ May 1.41 4.83 3/ 0.11 4.80 0.00 1.33
Jun 1.41 4.83 3/ 0.11 4.83 0.00 1.31
S Hemis 7/ May 11.62 24.81 0.15 4.56 20.21 -0.15 11.95
Jun 11.72 24.81 0.15 4.56 20.61 -0.15 11.65
Australia May 4.73 4.10 3/ 0.00 4.90 -0.15 4.08
Jun 4.93 4.10 3/ 0.00 5.00 -0.15 4.18
Brazil May 3.92 18.25 0.01 3.50 14.00 0.00 4.67
Jun 3.82 18.25 0.01 3.50 14.30 0.00 4.27
India May 10.00 24.50 3.00 26.00 1.50 0.00 10.00
Jun 9.70 23.50 3.00 25.50 1.00 0.00 9.70
Major importers 8/
May 44.89 40.24 37.73 76.02 2.47 0.00 44.37
Jun 44.39 40.94 37.23 75.72 2.52 0.00 44.32
Mexico May 0.22 0.70 0.60 1.25 0.10 0.00 0.17
Jun 0.22 0.70 0.60 1.25 0.10 0.00 0.17
China May 37.62 29.00 7.00 36.50 0.10 0.00 37.02
Jun 37.12 30.00 6.50 36.50 0.10 0.00 37.02
European Union 9/ May 0.30 1.28 0.51 0.55 1.19 0.00 0.34
Jun 0.29 1.28 0.51 0.55 1.24 0.00 0.28
Turkey May 1.35 3.60 5.00 7.50 1.00 0.00 1.45
Jun 1.35 3.60 4.80 7.30 1.00 0.00 1.45
Pakistan May 2.00 5.50 5.00 10.60 0.05 0.00 1.85
Jun 2.00 5.20 5.30 10.60 0.05 0.00 1.85
Indonesia May 0.38 3/ 2.00 2.00 0.02 0.00 0.37
Jun 0.38 3/ 2.00 2.00 0.02 0.00 0.37
Thailand May 0.09 3/ 0.50 0.50 0.00 0.00 0.09
Jun 0.09 3/ 0.50 0.50 0.00 0.00 0.09
Bangladesh May 1.76 0.15 8.50 8.50 0.00 0.00 1.92
Jun 1.76 0.15 8.40 8.40 0.00 0.00 1.92
Vietnam May 1.04 3/ 8.00 8.00 0.00 0.00 1.04
Jun 1.04 3/ 8.00 8.00 0.00 0.00 1.04
=============================================================================
1/ Marketing year beginning August 1. Totals may not add exactly and trade
may not balance due to rounding and other factors. 2/ Generally
reflects cotton lost or destroyed in the marketing channel; for Australia
and the United States, reflects the difference between implicit stocks
based on supply less total use and indicated ending stocks. 3/ Less than
5,000 bales. 4/ Includes Egypt and Syria in addition to the countries and
regions listed. 5/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan,
Turkmenistan, and Uzbekistan. 6/ Benin, Burkina Faso, Cameroon, Central
African Republic, Chad, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. 7/
Argentina, Australia, Brazil, Lesotho, South Africa, Tanzania, Zambia, and
Zimbabwe. 8/ In addition to the countries and regions listed, includes
Japan, Russia, South Korea, and Taiwan. 9/ Includes intra-EU trade.
Write to Taryn Boss at [email protected]
(END) Dow Jones Newswires
June 12, 2025 12:02 ET (16:02 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
DJ USDA Supply/Demand: World Cotton - 2
Thu Jun 12 12:02:09 2025 EDT
World Cotton Supply and Use 1/ (continued)
(Million 480-pound bales)
===============================================================================
beginning domestic exports ending
stocks prod imports use loss 2/ stocks
===============================================================================
2024/25 (Estimated)
World 73.74 119.93 42.56 116.55 42.61 -0.22 77.29
World Less China 37.02 87.93 37.06 79.55 42.51 -0.22 40.17
United States 3.15 14.41 0.01 1.70 11.50 -0.03 4.40
Total Foreign 70.59 105.51 42.55 114.85 31.11 -0.19 72.89
Major exporters 4/ 24.40 58.96 4.04 34.64 26.84 -0.19 26.12
Central Asia 5/ 3.18 5.09 0.10 4.06 1.44 0.00 2.87
Afr. Fr. Zone 6/ 1.30 4.61 3/ 0.10 4.40 0.00 1.41
S Hemis 7/ 10.27 24.67 0.14 4.35 19.21 -0.19 11.72
Australia 4.24 5.60 3/ 0.00 5.10 -0.19 4.93
Brazil 3.11 17.00 0.01 3.30 13.00 0.00 3.82
India 9.30 24.00 2.80 25.00 1.40 0.00 9.70
Major importers 8/ 43.86 43.18 35.66 75.62 2.70 0.00 44.39
Mexico 0.24 0.83 0.65 1.35 0.15 0.00 0.22
China 36.72 32.00 5.50 37.00 0.10 0.00 37.12
European Union 9/ 0.26 1.24 0.47 0.52 1.17 0.00 0.29
Turkey 1.40 3.95 4.30 7.10 1.20 0.00 1.35
Pakistan 1.85 5.00 5.80 10.60 0.05 0.00 2.00
Indonesia 0.40 3/ 1.85 1.85 0.02 0.00 0.38
Thailand 0.09 3/ 0.48 0.48 0.00 0.00 0.09
Bangladesh 1.71 0.15 8.20 8.30 0.00 0.00 1.76
Vietnam 1.03 3/ 7.80 7.80 0.00 0.00 1.04
2023/24
World 75.90 112.96 44.05 114.80 44.59 -0.21 73.74
World Less China 42.55 85.61 29.08 75.90 44.53 -0.21 37.02
United States 4.65 12.07 3/ 1.85 11.75 -0.03 3.15
Total Foreign 71.25 100.90 44.05 112.95 32.84 -0.18 70.59
Major exporters 4/ 27.28 57.95 1.63 34.36 28.27 -0.18 24.40
Central Asia 5/ 3.66 5.02 0.05 3.89 1.66 0.00 3.18
Afr. Fr. Zone 6/ 0.96 5.02 3/ 0.10 4.59 0.00 1.30
S Hemis 7/ 11.37 22.03 0.15 4.21 19.25 -0.18 10.27
Australia 4.81 5.00 3/ 0.00 5.74 -0.18 4.24
Brazil 4.01 14.57 0.01 3.16 12.31 0.00 3.11
India 10.82 25.40 0.89 25.50 2.31 0.00 9.30
Major importers 8/ 41.77 39.61 39.96 74.49 2.99 0.00 43.86
Mexico 0.38 0.87 0.70 1.50 0.20 0.00 0.24
China 33.36 27.35 14.98 38.90 0.06 0.00 36.72
European Union 9/ 0.39 1.04 0.47 0.51 1.13 0.00 0.26
Turkey 2.63 3.19 3.57 6.60 1.39 0.00 1.40
Pakistan 1.53 7.00 3.20 9.70 0.18 0.00 1.85
Indonesia 0.36 3/ 1.85 1.80 0.01 0.00 0.40
Thailand 0.14 3/ 0.40 0.45 0.00 0.00 0.09
Bangladesh 1.73 0.16 7.58 7.75 0.00 0.00 1.71
Vietnam 1.05 3/ 6.59 6.60 0.00 0.00 1.03
===============================================================================
1/ Marketing year beginning August 1. Totals may not add exactly and trade
may not balance due to rounding and other factors. 2/ Generally
reflects cotton lost or destroyed in the marketing channel; for Australia
and the United States, reflects the difference between implicit stocks
based on supply less total use and indicated ending stocks. 3/ Less than
5,000 bales. 4/ Includes Egypt and Syria in addition to the countries and
regions listed. 5/ Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan,
Turkmenistan, and Uzbekistan. 6/ Benin, Burkina Faso, Cameroon, Central
African Republic, Chad, Cote d'Ivoire, Mali, Niger, Senegal, and Togo. 7/
Argentina, Australia, Brazil, Lesotho, South Africa, Tanzania, Zambia, and
Zimbabwe. 8/ In addition to the countries and regions listed, includes
Japan, Russia, South Korea, and Taiwan. 9/ Includes intra-EU trade.
Write to Taryn Boss at csstat@dowjones.com
(END) Dow Jones Newswires
June 12, 2025 12:02 ET (16:02 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
【週間輸出成約報告】
＜2024/2025 crop＞
- 正味成約数量
アップランド 60,200俵 (ベトナム 28,000俵, インド18,600俵, パキスタン 6,600俵)
ピマ 1,400俵 (インド 700俵, パキスタン500俵)
- 正味船積数量
アップランド 236,300俵 (ベトナム25,100, トルコ 7,500, バングラデシュ 2,200俵)
ピマ 5,800俵 (パキスタン1,700俵, インド 1,300俵)
<2025/2026 crop>
- 正味成約数量
アップランド 36,100俵 (ベトナム 17,900俵, メキシコ 10,200俵)
ピマ 400俵 (日本400俵）
DJ U.S. Export Sales and Shipments: Upland, Pima Cotton - Jun 12
Thu Jun 12 08:40:02 2025 EDT
For the week ended Jun 05 in thousand running bales. Source: USDA.
The current marketing year for cotton begins Aug 1.
Totals may not add due to rounding.
(2024-2025) (2025-2026)
=====current marketing year===== ====next year====
Week's net Week's Season's Season's Week's net Season's
Change in Export Export Total Change in Total
Commits Shipments Shipments Commits Commits Commits
==upland==
ALGERIA 0 0 4.4 4.4 0 0
BANGLADESH 3.4 28.1 511.2 679.0 2.2 45.1
BELGIUM 0 0 0.2 0.4 0 0
CHINA -1.2 1.7 669.9 695.2 0 0.9
COLOMBIA 0 0 11.0 15.5 0 0
COSTA RICA 0 1.5 64.9 84.9 0 20.4
DJIBOUTI AFARS-ISSAS 0 0 5.0 5.0 0 0
ECUADOR 0.5 1.6 44.7 59.4 0 0.4
EGYPT 0.1 1.8 2.7 2.7 0 0
EL SALVADOR 0 3.2 157.2 200.6 0 76.0
GERMANY 0 0 2.2 2.2 0 0
GUATEMALA -1.0 2.4 198.8 275.6 0 78.9
HONDURAS 0.0 6.8 268.2 315.0 0 148.0
HONG KONG -1.5 0 0 0.5 0 0
INDIA 18.6 13.5 359.6 444.1 0 3.5
INDONESIA 0.3 9.6 254.6 302.0 0 123.3
ITALY 0 0.2 4.6 5.3 0 3.3
JAPAN -1.5 2.4 58.9 69.7 0.8 25.6
KOREA REPUBLIC -0.3 1.8 93.2 125.7 0 4.4
MALAYSIA 0 2.5 162.5 199.8 0 96.8
MEXICO 5.7 8.7 498.1 651.0 0 244.5
NICARAGUA 0.0 0.4 109.2 127.9 0 20.4
PAKISTAN 6.6 35.8 1942.3 2279.6 0 211.4
PERU 2.0 5.5 191.7 220.7 -0.4 16.2
PORTUGAL 0 0 14.8 15.3 0 0
TAIWAN 0 2.5 59.6 61.0 0 0
THAILAND -0.4 5.4 184.6 265.7 0.9 20.3
TURKEY 0.6 40.8 1226.2 1623.3 7.5 149.8
VENEZUELA 0 1.0 8.2 8.3 0 1.8
VIETNAM 28.0 59.1 2442.4 2845.7 25.1 81.7
TOTAL KNOWN 60.2 236.3 9550.7 11585.5 36.1 1372.8
TOTAL UNKNOWN 0 0 0 0 0 0
GRAND TOTAL 60.2 236.3 9550.7 11585.5 36.1 1372.8
==pima==
BAHRAIN 0 0 0.4 0.6 0 0
BANGLADESH 0 0.3 7.0 8.9 0 0
BRAZIL 0 0 0.9 0.9 0 0
CHINA 0 0 47.1 48.1 0 0
COLOMBIA 0 0 2.9 4.8 0 3.1
COSTA RICA 0 0.9 2.6 2.6 0 0
DJIBOUTI AFARS-ISSAS 0 0.4 1.3 1.3 0 0
EGYPT 0 0 6.1 13.7 0 5.1
ETHIOPIA 0 0 2.2 2.2 0 0
GERMANY 0 0 0.4 0.7 0 0
GUATEMALA 0 0 2.1 2.1 0 0
HONDURAS 0 0 0.3 0.3 0 0
INDIA 0.7 1.3 143.1 177.0 0 0
INDONESIA 0.3 0.4 3.3 4.0 0 0
ITALY 0 0 3.1 6.4 0 1.0
JAPAN -0.2 0 2.8 3.3 0.4 0.4
KOREA REPUBLIC 0 0 1.2 1.3 0 0
MALAYSIA 0.1 0 0.8 0.9 0 0
MEXICO 0 0 0.3 0.3 0 0
NICARAGUA 0 0 0.1 0.1 0 0
PAKISTAN 0.5 1.7 27.8 34.0 0 0
PERU 0 0 44.1 53.8 0 1.0
SLOVENIA 0 0 0.4 0.4 0 0
SWITZERLAND 0 0 0 0.2 0 0
TAIWAN 0 0 0.4 0.4 0 0
THAILAND 0 0.4 9.0 11.3 0 0
TURKEY 0 0.2 8.1 8.2 0 0.8
VIETNAM 0 0.2 47.1 67.4 0 1.7
TOTAL KNOWN 1.4 5.8 365.0 455.1 0.4 13.2
TOTAL UNKNOWN 0 0 0 0 0 0
GRAND TOTAL 1.4 5.8 365.0 455.1 0.4 13.2
Write to Valena Henderson at csstat@dowjones.com
(END) Dow Jones Newswires
June 12, 2025 08:40 ET (12:40 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
