{"id":79780,"date":"2024-07-17T00:00:00","date_gmt":"2024-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/07\/17\/global-cotton-prices-tumble-as-supply-rises-in-swing-with-inflation-rates\/"},"modified":"2024-07-17T00:00:00","modified_gmt":"2024-07-17T00:00:00","slug":"global-cotton-prices-tumble-as-supply-rises-in-swing-with-inflation-rates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/07\/17\/global-cotton-prices-tumble-as-supply-rises-in-swing-with-inflation-rates\/","title":{"rendered":"Global cotton prices tumble as supply rises in swing with inflation rates"},"content":{"rendered":"

Cotton prices are down amid a spike in production from Brazil<\/strong>, which has overtaken the US as world\u2019s biggest cotton exporter, the Financial Times<\/a> reports. ICE cotton futures dropped below USD 0.69 a pound in July, the lowest level since October 2020. Brazil exported a total of 12.4 mn bales of cotton in the 2023-24 harvest season, overtaking the US\u2019 11.8 mn bales, says FT, citing data from an US Department of Agriculture (USDA) report (pdf)<\/a>. \u201cBrazil has the cheapest cotton in the world. We produce almost 2 tonnes of link per hectare, which is not heard of elsewhere,\u201d Brazilian cotton farm manager Carlos Alberto Moresco told the news outlet.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.) <\/p>\n

Demand for cotton has tumbled as cost-conscious shoppers opt for more affordable fabrics<\/strong>, further squeezing the market. A sharp rise in interest rates have pushed shoppers towards polyester and other petroleum-based fabric products, says the news outlet. \u201cUntil we get world cotton demand back up, we\u2019re not going to get prices coming back up,\u201d said National Cotton Council of America\u2019s economic and policy analyst VP Jody Campiche.<\/p>\n

Who is the region\u2019s top exporter?<\/strong> Turkey exported 1.3 mn bales of cotton in 2023-24, taking the lead as the region\u2019s top cotton exporter, and is forecasted to be the world's fifth largest exporter, according to a USDA report (pdf)<\/a>. Turkey\u2019s exports are rising as domestic use falls due to inflationary pressures in the country. <\/p>\n

Amazon using AI in maritime risk management:<\/strong> Maritime AI company Windward has collaborated with Amazon Web Services (AWS) to launch generative AI solutions to improve risk management for the shipping, logistics, and public sectors, according to a press release<\/a>. The collaboration aims to provide solutions for managing unstructured data, ensuring consistent workflows, and addressing expertise shortages.<\/p>\n","protected":false},"excerpt":{"rendered":"

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