Core Viewpoint - Domestic cotton prices are under pressure due to expectations of a bumper harvest, while international cotton prices are facing downward pressure following the Federal Reserve's interest rate cut [1] Supply Summary - The global cotton production outlook is optimistic, with the U.S. cotton harvest beginning and a ginning rate of 50% as of September 14, which is a 10 percentage point increase from the previous week but a 3 percentage point decrease from the same time last year [1] - India's cotton production is also expected to increase, with the Cotton Association of India predicting a total production of 5.53 to 5.78 million tons for the 2025/26 season, representing a growth of approximately 4% to 9% compared to the previous year [1] - In Australia, abundant rainfall has led to the completion of 85% of new cotton processing, with expectations that it will be fully completed by early October [1] Demand Summary - Recent cotton demand has been weak, with Brazil's cotton exports in August dropping to 77,500 tons, a year-on-year decrease of 30.7% [1] - As of the week ending September 11, U.S. cotton export contracts totaled 47,700 tons, a decrease of 18,000 tons from the previous week, with a cumulative total of 254,600 tons for the year [1] - The export shipment volume was 27,900 tons, down 3,000 tons from the previous week, with a cumulative total of 187,500 tons for the year [1] Market Pressure - The global cotton market is experiencing increased supply pressure and weak demand, leading to downward pressure on international cotton prices [1]