– Reporting Period 26/08 – 08/09/2026 –
The ICE Cotton No. 2 futures initially continued their ongoing upward trend at the start of the reporting period. In early September, however, the futures experienced significant correction. The ICE December 2026 futures contract rose from 89.14 U.S. cents/lb on August 26 to an interim high of 93.74 cents/lb on August 31. By September 8, it fell back to 86.32 cents/lb, a level below the quotations at the start of the reporting period and against the backdrop of a strengthening U.S. dollar.
This development has thus confirmed the assessment made in the previous market overview: While the fundamental balance for 2026/27 was significantly tighter than in previous years, the rise in prices had been increasingly driven by expectations of less favourable weather conditions and speculative positioning. Accordingly, profit-taking began in early September. At the same time, real export demand for U.S. cotton has remained relatively subdued so far.