Here are some recent information that have increased cotton prices:
Drought in Texas: The US state of Texas is a major cotton producer, and the ongoing drought in the state is expected to reduce cotton production by 2.5 million bales in the 2023/24 season. Reduced cotton production in China: China is the world's largest cotton producer, but the country is also facing challenges in cotton production, including climate change and water scarcity. The Chinese government has forecast a 10% decline in cotton production in the 2023/24 season. Increased demand for cotton: The global demand for cotton is expected to increase in the coming years, driven by growing demand for apparel and textiles in developing countries. Weaker US dollar: The US dollar has been weakening against other currencies in recent months, making cotton exports from the US more affordable for buyers in other countries.