Cotton prices are down 2 to 14 cents early on Wednesday. Most futures contracts rose 8 to 77 points during the Tuesday session. Crude fell 2.57 cents per barrel over the session, and the US dollar index was down 0.266. The article also mentions a White House announcement late on Monday, but the content is cut off, so the details are unclear.
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Cotton futures were up 40 to 46 points across the front months at midday Wednesday. Crude oil rose $1.68 per barrel during the session, and the US dollar index was up 0.626. The weekly Crop Progress report showed 82% of the US cotton crop with bolls opening.
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Prices of goods imported into the US rose 1.1% in September after a 0.5% increase in August, and were up 8.1% from a year earlier, the largest annual gain since July 2022. The report capped a week of troubling inflation data, with consumer prices up 3.7% year over year and producer prices jumping 1.3% for the month. Fuel import prices rose 4.8%, while nonfuel import prices gained 0.7% for the month and 6.0% over the year. Capital goods rose 0.9%, and industrial supplies and materials rose 1.4% and were up 13.0% annually, while food and beverage prices were unchanged. Export prices also accelerated, rising 2.2% in September and 11.6% over the year, suggesting inflation pressure is spreading beyond energy.
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- Commodity Corner : Oil rises on Middle East tensions ; gold slips
- Brent could hit USD 140 in 2027 on Gulf supply risks , extreme weather conditions : Report
According to the October 20 Goldman Sachs report, geopolitical conflicts, energy and agricultural supply disruptions, and extreme weather could keep commodity prices volatile into 2027. Its base case assumes Middle Eastern supply recovers, bringing Brent to $90/bbl and European natural gas to EUR70/MWh by end-2026. If average Gulf output stays 5 million barrels per day below February 2026 levels, Brent could rally to $140 in early 2027 and average around $125/bbl that year. Energy prices have moved more closely with equities and bonds since the Iran war began, while agricultural markets face pressure from the Iran and Russia-Ukraine conflicts and a possible severe El Niño. Goldman also expects copper to average $15,400 per tonne in 2027 and gold to reach $5,400 per ounce by end-2027.
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