ICE No. 2 Cotton
August 12, 2025
Open High Low Settle Change
Oct '25 65.50 67.33 65.50 67.07 +178
Dec '25 66.82 68.47 66.73 68.39 +163
Mar '26 68.27 69.93 68.19 69.84 +161
May '26 69.50 71.08 69.41 71.02 +160
Jul '26 70.32 71.82 70.26 71.76 +151
Oct '26 - - - 70.14 +91
Dec '26 68.93 69.77 68.93 69.71 +84
Mar '27 - - - 70.13 +84
May '27 - - - 70.55 +83
Jul '27 - - - 70.83 +82
ICE estimated futures volume: 70,700
期近12月限は、寄り付きから横ばいに推移し、米国時間の引けにかけて急騰した。
最終的に、前日比163ポイント高の68.39/LBで引け直近２週間半の下落分を取り戻した。
推定出来高は70,700枚。
【相場要因】
本日、米国農務省より8月度の月間需給報告が発表された。
期近の12月限は、米綿の需給がタイトに修正されたことが
世界全体の需給にも影響を及ぼした結果、強気に推移した。
詳細後述。
米綿2025/26年度作付け（CROP）の生産量は、
作付面積が1,012万エーカーから928万エーカーに減少し、
1,460万俵から1,321万俵へと139万俵下方修正された。
放棄率も21%とわずかに上昇した一方で、Yieldは改善したものの、
最終的に生産量は下方修正された。
出来高は堅調で、相場が上昇局面で一部生産者による値決めも見られたが
本日は投機筋のショートカバーが概ね占めていると一部のアナリストから指摘されている。
【8月度月間需給報告】
25/26 CROPの前月からの主な修正は以下の通り。
[世界]
・生産量：1億1,662万俵（▲180万俵）
・消費量：1億1,799万俵（＋13万俵）
・期末在庫：7,391万俵（▲341万俵）
[米綿]
・生産量：1,321万俵（▲139万俵）
・輸出量：1,200万俵（▲50万俵）
・期末在庫：360万俵（▲100万俵）
[中国]
・生産量：3,150万俵（＋50万俵）
・輸入量：530万俵（▲50万俵）
・消費量：3,750万俵（+100万俵）
・期末在庫：3,502万俵（▲205万俵）
[インド]
・輸入量：290万俵（▲10万俵）
・消費量：2,500万俵（▲50万俵）
・期末在庫：1,025万俵（＋50万俵）
DJ USDA Supply/Demand: U.S. Cotton - Aug 12
Tue Aug 12 12:02:36 2025 EDT
U.S. Cotton Supply and Use 1/
=========================================================================
Item 2024/2025 2025/2026
prev Aug 12 prev Aug 12
==========================================================================
Area
Million acres
Planted 11.18 11.18 10.12 * 9.28 **
Harvested 7.81 7.81 8.66 * 7.36 **
Pounds
Yield per harv. acre 886 886 809 * 862 **
Million 480 pound bales
Beginning stocks 3.15 3.15 4.10 4.00
Production 14.41 14.41 14.60 13.21
Imports 0.01 0.00 0.01 0.01
Supply, total 17.57 17.57 18.71 17.22
Domestic use 1.70 1.70 1.70 1.70
Exports, total 11.80 11.90 12.50 12.00
Use, total 13.50 13.60 14.20 13.70
Unaccounted 2/ -0.03 -0.03 -0.10 -0.08
Ending stocks 4.10 4.00 4.60 3.60
Avg. farm price 3/ 63.00 63.00 62.00 64.00
==========================================================================
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 June 30, 2025 Acreage.
Harvested area based on 10-year average abandonment by region, with the
Southwest, Delta and Southeast adjusted to reflect moisture conditions. Yield
based on 5-year average yields by region, with additional reductions for the
Delta and Southwest. **Planted area, harvested area, yield, and production as
reported in August 12, 2025 Crop Production report.
Write to Linda Rice at [email protected]
(END) Dow Jones Newswires
August 12, 2025 12:02 ET (16:02 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
DJ USDA Supply/Demand: World Cotton - Aug 12
Tue Aug 12 12:04:04 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
Jul 76.78 118.42 44.68 118.12 44.69 -0.25 77.32
Aug 75.05 116.62 43.58 117.99 43.59 -0.23 73.91
World Less China
Jul 39.94 87.42 38.88 81.62 44.61 -0.25 40.25
Aug 39.25 85.12 38.28 80.49 43.51 -0.23 38.89
United States
Jul 4.10 14.60 0.01 1.70 12.50 -0.10 4.60
Aug 4.00 13.21 0.01 1.70 12.00 -0.08 3.60
Total foreign
Jul 72.68 103.82 44.68 116.42 32.19 -0.15 72.72
Aug 71.05 103.41 43.58 116.29 31.59 -0.15 70.31
Major exporters 4/
Jul 26.17 58.65 4.45 35.52 28.18 -0.15 25.71
Aug 25.80 58.19 4.35 34.92 28.00 -0.15 25.55
Central Asia 5/ Jul 2.87 5.10 0.20 4.08 1.44 0.00 2.65
Aug 2.87 4.79 0.20 3.98 1.42 0.00 2.46
Afr Fr Z 6/ Jul 1.41 4.83 3/ 0.11 4.83 0.00 1.31
Aug 1.35 4.69 3/ 0.11 4.68 0.00 1.25
S Hemis 7/ Jul 11.72 24.81 0.15 4.56 20.61 -0.15 11.65
Aug 11.28 24.81 0.15 4.56 20.61 -0.15 11.21
Australia Jul 4.93 4.10 3/ 0.00 5.00 -0.15 4.18
Aug 4.93 4.10 3/ 0.00 5.00 -0.15 4.18
Brazil Jul 3.82 18.25 0.01 3.50 14.30 0.00 4.27
Aug 3.31 18.25 0.01 3.50 14.30 0.00 3.77
India Jul 9.75 23.50 3.00 25.50 1.00 0.00 9.75
Aug 9.85 23.50 2.90 25.00 1.00 0.00 10.25
Major importers 8/
Jul 44.13 41.84 37.09 76.08 2.47 0.00 44.51
Aug 43.02 42.34 36.12 76.60 2.44 0.00 42.43
Mexico Jul 0.24 0.80 0.60 1.35 0.10 0.00 0.19
Aug 0.24 0.80 0.60 1.35 0.10 0.00 0.19
China Jul 36.84 31.00 5.80 36.50 0.08 0.00 37.07
Aug 35.79 31.50 5.30 37.50 0.08 0.00 35.02
European Union 9/ Jul 0.23 1.28 0.47 0.51 1.22 0.00 0.25
Aug 0.17 1.28 0.47 0.51 1.19 0.00 0.22
Turkey Jul 1.30 3.60 4.80 7.30 1.00 0.00 1.40
Aug 1.30 3.60 4.60 7.10 1.00 0.00 1.40
Pakistan Jul 2.10 5.00 5.90 10.90 0.05 0.00 2.05
Aug 2.10 5.00 5.90 10.90 0.05 0.00 2.05
Indonesia Jul 0.38 3/ 2.00 2.00 0.02 0.00 0.37
Aug 0.38 3/ 2.00 2.00 0.02 0.00 0.37
Thailand Jul 0.09 3/ 0.50 0.50 0.00 0.00 0.09
Aug 0.09 3/ 0.50 0.50 0.00 0.00 0.09
Bangladesh Jul 1.76 0.15 8.40 8.40 0.00 0.00 1.92
Aug 1.76 0.15 8.10 8.10 0.00 0.00 1.92
Vietnam Jul 1.04 3/ 8.00 8.00 0.00 0.00 1.04
Aug 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 Rodney Christian at csstat@dowjones.com
(END) Dow Jones Newswires
August 12, 2025 12:04 ET (16:04 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
DJ USDA Supply/Demand: World Cotton - 2
Tue Aug 12 12:04:04 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 73.36 119.15 42.70 117.95 42.43 -0.22 75.05
World Less China 36.64 87.15 37.55 79.95 42.36 -0.22 39.25
United States 3.15 14.41 3/ 1.70 11.90 -0.03 4.00
Total Foreign 70.21 104.74 42.69 116.25 30.53 -0.19 71.05
Major exporters 4/ 24.12 58.56 4.20 34.89 26.38 -0.19 25.80
Central Asia 5/ 3.18 5.09 0.10 4.06 1.44 0.00 2.87
Afr. Fr. Zone 6/ 1.29 4.25 3/ 0.10 4.10 0.00 1.35
S Hemis 7/ 9.99 24.64 0.15 4.55 19.13 -0.19 11.28
Australia 4.24 5.60 3/ 0.00 5.10 -0.19 4.93
Brazil 2.83 17.00 0.01 3.50 13.02 0.00 3.31
India 9.30 24.00 2.95 25.00 1.40 0.00 9.85
Major importers 8/ 43.86 43.25 35.64 76.81 2.93 0.00 43.02
Mexico 0.24 0.90 0.60 1.35 0.15 0.00 0.24
China 36.72 32.00 5.15 38.00 0.08 0.00 35.79
European Union 9/ 0.26 1.24 0.44 0.48 1.28 0.00 0.17
Turkey 1.40 3.95 4.40 7.10 1.35 0.00 1.30
Pakistan 1.85 5.00 6.10 10.80 0.05 0.00 2.10
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 8.10 8.20 0.00 0.00 1.76
Vietnam 1.03 3/ 7.90 7.90 0.00 0.00 1.04
2023/24
World 75.83 112.56 44.05 114.95 44.34 -0.21 73.36
World Less China 42.47 85.21 29.08 76.05 44.28 -0.21 36.64
United States 4.65 12.07 3/ 1.85 11.75 -0.03 3.15
Total Foreign 71.18 100.50 44.05 113.10 32.59 -0.18 70.21
Major exporters 4/ 27.20 57.95 1.63 34.57 28.27 -0.18 24.12
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 1.29
S Hemis 7/ 11.29 22.03 0.15 4.41 19.25 -0.18 9.99
Australia 4.81 5.00 3/ 0.00 5.74 -0.18 4.24
Brazil 3.93 14.57 0.01 3.37 12.31 0.00 2.83
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 Rodney Christian at csstat@dowjones.com
(END) Dow Jones Newswires
August 12, 2025 12:04 ET (16:04 GMT)
Copyright (c) 2025 Dow Jones & Company, In
DJ USDA Crop Production: U.S. All Cotton-Aug 12
Tue Aug 12 12:01:27 2025 EDT
Cotton: Area Harvested, Yield, and Production by Type, State,
and United States, 2024 and Forecasted Aug 1, 2025
========================================================================
Type Area Harvested Yield Production 1/
and ==============================================================
State 2024 2025 2024 2025 2024 2025
========================================================================
==1,000 Acres== === Pounds === == 1,000 Bales 2/ ==
Upland
AL 396.0 285.0 816 783 673.0 465.0
AZ 95.0 89.0 1,299 1,294 257.0 240.0
AR 640.0 515.0 1,341 1,305 1,788.0 1,400.0
CA 20.7 17.7 1,739 1,492 75.0 55.0
FL 82.0 60.0 697 480 119.0 60.0
GA 1,080.0 830.0 858 867 1,930.0 1,500.0
KS 124.0 90.0 778 747 201.0 140.0
LA 148.0 84.0 1,070 914 330.0 160.0
MS 515.0 325.0 1,157 1,255 1,241.0 850.0
MO 380.0 335.0 1,320 1,333 1,045.0 930.0
NM 28.0 19.0 703 758 41.0 30.0
NC 400.0 270.0 942 1,084 785.0 610.0
OK 185.0 270.0 701 836 270.0 470.0
SC 221.0 167.0 860 790 396.0 275.0
TN 250.0 190.0 1,052 1,061 548.0 420.0
TX 2,950.0 3,600.0 656 680 4,030.0 5,100.0
VA 90.0 72.0 1,136 967 213.0 145.0
U.S. 7,604.7 7,218.7 880 854 13,942.0 12,850.0
Amer Pima
AZ 14.0 15.5 1,029 1,053 30.0 34.0
CA 142.0 89.0 1,237 1,456 366.0 270.0
NM 14.5 12.7 794 756 24.0 20.0
TX 30.0 20.0 816 960 51.0 40.0
U.S. 200.5 137.2 1,128 1,273 471.0 364.0
All Cotton
AL 396.0 285.0 816 783 673.0 465.0
AZ 109.0 104.5 1,264 1,259 287.0 274.0
AR 640.0 515.0 1,341 1,305 1,788.0 1,400.0
CA 162.7 106.7 1,301 1,462 441.0 325.0
FL 82.0 60.0 697 480 119.0 60.0
GA 1,080.0 830.0 858 867 1,930.0 1,500.0
KS 124.0 90.0 778 747 201.0 140.0
LA 148.0 84.0 1,070 914 330.0 160.0
MS 515.0 325.0 1,157 1,255 1,241.0 850.0
MO 380.0 335.0 1,320 1,333 1,045.0 930.0
NM 42.5 31.7 734 757 65.0 50.0
NC 400.0 270.0 942 1,084 785.0 610.0
OK 185.0 270.0 701 836 270.0 470.0
SC 221.0 167.0 860 790 396.0 275.0
TN 250.0 190.0 1,052 1,061 548.0 420.0
TX 2,980.0 3,620.0 657 682 4,081.0 5,140.0
VA 90.0 72.0 1,136 967 213.0 145.0
U.S. 7,805.2 7,355.9 886 862 14,413.0 13,214.0
========================================================================
1/ Production ginned and to be ginned.
2/ 480-pound net weight bales.
Cottonseed: Production, United States,
2024-25 and Forecasted Aug 1, 2025
========================================================================
Production
=================================================================
2024 2025 1/
========================================================================
1,000 Tons
U.S. 4,262.0 3,999.0
========================================================================
1/ Based on a 3-year average lint-seed ratio.
Write to Valena Henderson at [email protected]
(END) Dow Jones Newswires
August 12, 2025 12:01 ET (16:01 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
