ICE No. 2 Cotton
September 12, 2025
Open High Low Settle Change
Oct '25 65.29 65.44 64.91 65.19 -18
Dec '25 66.74 66.92 66.32 66.83 +11
Mar '26 68.63 68.80 68.23 68.75 +12
May '26 69.98 70.16 69.63 70.12 +12
Jul '26 70.80 71.03 70.52 71.02 +14
Oct '26 - - - 69.83 +7
Dec '26 69.26 69.48 69.15 69.44 +8
Mar '27 69.50 69.78 69.50 69.78 +8
May '27 - - - 70.01 +10
Jul '27 - - - 70.14 +12
ICE estimated futures volume: 24,900
期近12月限は、寄り付きから弱気の展開、米国時間の引けにかけて強気に推移した。
最終的に、前日比11ポイント高の66.83/LBで引けた。
推定出来高は24,900枚。
【相場要因】
期近12月限は、5営業日連続で続騰した。
8月28日以来の高値をつけると値を上げて引けた。
米国現地金曜日、農務省より９月度の需給報告が発表された。
米国の生産量は若干上方修正され、1322万俵だったものの
それ以外に修正はされなかった。
また世界の生産量が約100万俵上方修正されたが、
世界の消費量においても約80万俵以上の上方修正がなされた。
全体の期末在庫は約80万俵下方修正され、これは過去4年間で最も低い水準とのこと。
世界的にやや需給が引き締まったものの、綿花相場に与える影響は限定的だった様子。詳細後述。
【9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：1億1,768万俵（+106万俵）
・消費量：1億1,883万俵（＋84万俵）
・期末在庫：7,314万俵（▲77万俵）
[米国]
・生産量：1,322万俵（+1万俵）
[オーストラリア]
・生産量：450万俵（+40万俵）
・輸出量：510万俵（+10万俵）
・期末在庫：430万俵（+12万俵）
[中国]
・生産量：3,250万俵（＋100万俵）
・輸入量：520万俵（▲10万俵）
・消費量：3,850万俵（+100万俵）
・期末在庫：3,397万俵（▲105万俵）
[インド]
・生産量：2,400万俵（+50万俵）
・輸入量：280万俵（▲10万俵）
・期末在庫：1,047万俵（＋22万俵）
| DJ USDA Supply/Demand: U.S. Cotton - Sep 12 | ||||||||
| Fri Sep 12 12:01:43 2025 EDT | ||||||||
| U.S. Cotton Supply and Use 1/ | ||||||||
| ========================================================================= | ||||||||
| Item 2024/2025 2025/2026 | ||||||||
| prev Sep 12 prev Sep 12 | ||||||||
| ========================================================================== | ||||||||
| Area | ||||||||
| Million acres | ||||||||
| Planted 11.18 11.18 9.28 9.30 | ||||||||
| Harvested 7.81 7.81 7.36 7.37 | ||||||||
| Pounds | ||||||||
| Yield per harv. acre 886 886 862 861 | ||||||||
| Million 480 pound bales | ||||||||
| Beginning stocks 3.15 3.15 4.00 4.00 | ||||||||
| Production 14.41 14.41 13.21 13.22 | ||||||||
| Imports 0.00 0.00 0.01 0.01 | ||||||||
| Supply, total 17.57 17.57 17.22 17.23 | ||||||||
| Domestic use 1.70 1.70 1.70 1.70 | ||||||||
| Exports, total 11.90 11.90 12.00 12.00 | ||||||||
| Use, total 13.60 13.60 13.70 13.70 | ||||||||
| Unaccounted 2/ -0.03 -0.03 -0.08 -0.07 | ||||||||
| Ending stocks 4.00 4.00 3.60 3.60 | ||||||||
| Avg. farm price 3/ 63.00 63.00 64.00 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. | ||||||||
| Write to Linda Rice at [email protected] | ||||||||
| (END) Dow Jones Newswires | ||||||||
| September 12, 2025 12:01 ET (16:01 GMT) | ||||||||
| Copyright (c) 2025 Dow Jones & Company, Inc. | ||||||||
| DJ USDA Supply/Demand: World Cotton - Sep 12 | ||||||||
| Fri Sep 12 12:01:59 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 | ||||||||
| Aug 75.05 116.62 43.58 117.99 43.59 -0.23 73.91 | ||||||||
| Sep 74.06 117.68 43.71 118.83 43.70 -0.23 73.14 | ||||||||
| World Less China | ||||||||
| Aug 39.25 85.12 38.28 80.49 43.51 -0.23 38.89 | ||||||||
| Sep 39.22 85.18 38.51 80.33 43.63 -0.23 39.18 | ||||||||
| United States | ||||||||
| Aug 4.00 13.21 0.01 1.70 12.00 -0.08 3.60 | ||||||||
| Sep 4.00 13.22 0.01 1.70 12.00 -0.07 3.60 | ||||||||
| Total foreign | ||||||||
| Aug 71.05 103.41 43.58 116.29 31.59 -0.15 70.31 | ||||||||
| Sep 70.06 104.46 43.70 117.13 31.70 -0.16 69.54 | ||||||||
| Major exporters 4/ | ||||||||
| Aug 25.80 58.19 4.35 34.92 28.00 -0.15 25.55 | ||||||||
| Sep 25.74 58.85 4.25 34.89 28.12 -0.16 25.99 | ||||||||
| Central Asia 5/ Aug 2.87 4.79 0.20 3.98 1.42 0.00 2.46 | ||||||||
| Sep 2.85 4.81 0.20 3.95 1.42 0.00 2.50 | ||||||||
| Afr Fr Z 6/ Aug 1.35 4.69 3/ 0.11 4.68 0.00 1.25 | ||||||||
| Sep 1.37 4.43 3/ 0.11 4.39 0.00 1.29 | ||||||||
| S Hemis 7/ Aug 11.28 24.81 0.15 4.56 20.61 -0.15 11.21 | ||||||||
| Sep 11.10 25.21 0.15 4.56 20.71 -0.16 11.34 | ||||||||
| Australia Aug 4.93 4.10 3/ 0.00 5.00 -0.15 4.18 | ||||||||
| Sep 4.74 4.50 3/ 0.00 5.10 -0.16 4.30 | ||||||||
| Brazil Aug 3.31 18.25 0.01 3.50 14.30 0.00 3.77 | ||||||||
| Sep 3.31 18.25 0.01 3.50 14.30 0.00 3.77 | ||||||||
| India Aug 9.85 23.50 2.90 25.00 1.00 0.00 10.25 | ||||||||
| Sep 9.97 24.00 2.80 25.00 1.30 0.00 10.47 | ||||||||
| Major importers 8/ | ||||||||
| DJ USDA Supply/Demand: World Cotton - 2 | ||||||||
| Fri Sep 12 12:02:01 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 73.34 119.22 43.14 119.15 42.71 -0.22 74.06 | ||||||||
| World Less China 36.62 87.22 37.96 80.15 42.65 -0.22 39.22 | ||||||||
| United States 3.15 14.41 3/ 1.70 11.90 -0.03 4.00 | ||||||||
| Total Foreign 70.19 104.80 43.14 117.45 30.81 -0.19 70.06 | ||||||||
| Major exporters 4/ 24.09 58.56 4.30 34.86 26.54 -0.19 25.74 | ||||||||
| Central Asia 5/ 3.18 5.09 0.10 4.03 1.49 0.00 2.85 | ||||||||
| Afr. Fr. Zone 6/ 1.29 4.25 3/ 0.10 4.08 0.00 1.37 | ||||||||
| S Hemis 7/ 9.96 24.64 0.15 4.55 19.28 -0.19 11.10 | ||||||||
| Australia 4.22 5.60 3/ 0.00 5.27 -0.19 4.74 | ||||||||
| Brazil 2.83 17.00 0.01 3.50 13.02 0.00 3.31 | ||||||||
| India 9.30 24.00 3.05 25.00 1.38 0.00 9.97 | ||||||||
| Major importers 8/ 43.86 43.32 35.99 78.03 3.03 0.00 42.11 | ||||||||
| Mexico 0.24 0.97 0.60 1.35 0.18 0.00 0.28 | ||||||||
| China 36.72 32.00 5.19 39.00 0.06 0.00 34.84 | ||||||||
| European Union 9/ 0.26 1.24 0.44 0.48 1.29 0.00 0.17 | ||||||||
| Turkey 1.40 3.95 4.46 7.10 1.43 0.00 1.28 | ||||||||
| Pakistan 1.85 5.00 6.10 10.80 0.05 0.00 2.10 | ||||||||
| Indonesia 0.40 3/ 1.98 1.95 0.02 0.00 0.41 | ||||||||
| Thailand 0.09 3/ 0.51 0.50 0.00 0.00 0.11 | ||||||||
| Bangladesh 1.71 0.15 8.10 8.20 0.00 0.00 1.76 | ||||||||
| Vietnam 1.03 3/ 7.98 8.00 0.00 0.00 1.02 | ||||||||
| 2023/24 | ||||||||
| World 75.83 112.56 44.05 114.95 44.36 -0.21 73.34 | ||||||||
| World Less China 42.48 85.21 29.08 76.05 44.30 -0.21 36.62 | ||||||||
| 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 32.61 -0.18 70.19 | ||||||||
| Major exporters 4/ 27.20 57.95 1.63 34.57 28.30 -0.18 24.09 | ||||||||
| 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 19.27 -0.18 9.96 | ||||||||
| Australia 4.81 5.00 3/ 0.00 5.76 -0.18 4.22 | ||||||||
| 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/ 41.78 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/ 0.40 1.04 0.47 0.51 1.14 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. | ||||||||
| (END) Dow Jones Newswires | ||||||||
| September 12, 2025 12:02 ET (16:02 GMT) | ||||||||
| Copyright (c) 2025 Dow Jones & Company, Inc. | ||||||||
