Core Insights - The Bloomberg Commodity Index decreased by 0.68% to 30.0284 points on Friday, with a weekly increase of 1.37% [1] Grain Futures - CBOT corn futures remained flat at $4.4125 per bushel, with a weekly increase of 0.68% [1] - CBOT wheat futures fell by 1.75% to $5.4875 per bushel, but recorded a weekly increase of 1.81% [1] - CBOT soybean futures decreased by 0.22% to $11.4975 per bushel, with a weekly increase of 1.86% [1] - Soymeal futures rose by 0.19% with a weekly increase of 1.79%, while soybean oil futures dropped by 0.64% but had a weekly increase of 3.04% [1] Livestock Futures - CBOT lean hog futures experienced a cumulative decline of 6.76% this week [1] - Live cattle futures increased by 1.33% this week, while feeder cattle futures fell by 0.48% [1] Sugar and Coffee Futures - ICE raw sugar futures fell by 1.70%, and ICE white sugar futures decreased by 2.66% [1] - ICE Arabica coffee futures rose by 0.34%, while coffee "C" futures increased by 2.40% [1] - Robusta coffee futures saw a cumulative increase of 3.54% [1] Cocoa Futures - New York cocoa futures dropped by 14.07% to $3683 per ton, while London cocoa futures fell by 0.14% [1] Canola and Cotton Futures - Chicago WCE canola futures increased by 0.64% [1] - ICE cotton futures rose by 1.81% [1]

【棉花市场消息速递】 调研显示，截止至1月29日，进口棉主要港口库存周环比增加4.25%，总库存49.54万吨，其中，山东地 区青岛、济南港口及周边仓41.3万吨，同比减少2.93%，江苏地区张家港港口及周边仓库进口棉库存约 3.50万吨，其他港口库存约2.94万吨。 截至2026年1月29日，全国新年度棉花公证检验量累计722.98万吨，同比增加84.49万吨。 北京时间2月2日，美国洲际交易所（ICE）棉花期货价格延续弱势，开盘报62.97美分/磅，现报62.73美 分/磅，跌幅0.60%，盘中最高触及63.11美分/磅，最低下探62.73美分/磅。 更新时间： 棉花期货行情回顾： 1月30日美国洲际交易所（ICE）棉花期货行情 品种 开盘价 最高价 最低价 收盘价 美棉花 63.45 63.55 62.92 63.09 -0.55% 1月30日，郑商所棉花期货仓单11373张，环比上个交易日增加58张。 ...

Report Summary 1. Industry Investment Rating No industry investment rating was provided in the report. 2. Core Viewpoints - ICE cotton maintains a structure where near - term contracts are weak and far - term contracts are strong, lacking fundamental upward drivers. The situation is similar to the same period last year [1][6][19]. - Domestic cotton futures show a moderately strong and volatile trend, mainly influenced by the overall sentiment in the commodity market. There is a lack of new fundamental drivers, with sufficient supply and weak downstream demand during the off - season. The expectation of a decline in Xinjiang's cotton planting area in 2026 has been fully priced in for the time being. It is advisable to trade the target price subsidy policy for the next three years and the new - year's output after the Spring Festival in combination with demand [2][19]. 3. Summary by Section 3.1 Market Data | Futures | Opening Price | High | Low | Closing Price | Change | Change % | Volume | Volume Change | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ICE Cotton Main - continuous | 63.84 | 64.40 | 62.55 | 63.11 | - 0.73 | - 1.14% | 176,844 | 74,242 | 177,986 | - 3,423 | | Zhengzhou Cotton Main - continuous | 14,635 | 15,005 | 14,535 | 14,670 | - 25 | - 0.17% | 2,171,101 | 535,621 | 753,278 | - 50,057 | | Cotton Yarn Main - continuous | 20,515 | 21,230 | 20,385 | 20,495 | - 10 | - 0.05% | 56,765 | 3,127 | 5,889 | - 8,382 | [5] 3.2 Fundamental Analysis 3.2.1 International Cotton Situation - **ICE Cotton Structure**: ICE cotton futures have been more volatile this week, maintaining a near - weak and far - strong structure. The 03 contract is under significant pressure, while the December contract is relatively stable [6]. - **US Cotton Weekly Export Sales Data**: As of the week ending January 22, 2026, the weekly signing volume of 2025/26 US upland cotton was 46,200 tons, a 51% decrease from the previous week and a 17% decrease from the four - week average. The weekly signing volume of 2026/27 US upland cotton was 3,400 tons. The weekly shipment volume of 2025/26 US upland cotton was 58,300 tons, a 37% increase from the previous week and a 61% increase from the four - week average. The total signed sales volume of US upland and Pima cotton in the 2025/26 season was 1.7722 million tons, accounting for 68% of the annual predicted total export volume, and the cumulative export shipment volume was 852,200 tons, accounting for 48% of the total annual signed volume [7]. - **Other Major Cotton - producing and Consuming Countries**: - **India**: In November, cotton yarn and textile exports were good. The Cotton Corporation of India has purchased 4.37 million tons of seed cotton this quarter. The company has acquired about 1.53 million tons of lint cotton. In November, raw cotton imports reached 169,600 tons, a record high in recent months. Raw cotton exports were 27,500 tons, a 13% increase from October but a 4% decrease from November 2024. Cotton yarn exports in November were 91,000 tons, slightly higher than in October and 5% higher than the same period last year. Textile exports in November reached $1.73 billion, a 12% increase both month - on - month and year - on - year [8]. - **Brazil**: As of January 26, cotton planting was 55% complete in Mato Grosso. As of January 24, the national cotton planting progress was about 61%, 14% ahead of the same period last year. Farmers' sales progress is relatively slow, and transportation costs have increased. Traders have purchased about 76% of the estimated 2025 production and locked in about 43% of the 2026 crop in advance [9][10]. - **Pakistan**: Cotton import demand continues to improve. Although yarn prices and demand have improved, spinning mills still face operational pressure. The central bank maintained the benchmark interest rate at 10.5%. Weak US cotton futures have boosted import demand, but higher basis quotes from some shippers have restricted new order transactions [10]. - **Bangladesh**: There is a need to pay attention to the possibility of spinning mill shutdowns. Cotton import demand was moderate last week. Some spinning mills are cautious due to the approaching general election. Enterprises may suspend operations for about three days during the February 12 election, which may cause production disruptions and delivery delays. The Bangladesh Textile Mills Association has warned of a suspension of spinning production if the government does not cancel the duty - free bonded warehouse policy for imported yarn [11]. - **Australia**: The estimated cotton output for the new season is 4.4 million bales (about 1 million tons), an 18% decrease from the previous season. The output reduction is mainly due to a decrease in planting area and water supply shortages. The market is concerned about rainfall [12]. - **Southeast Asian Textile Industry Startup Rates**: As of the week ending January 30, the startup rates of textile enterprises in India, Vietnam, and Pakistan were 69.5%, 67%, and 69% respectively, showing an upward trend [12]. 3.2.2 Domestic Cotton Situation - **Cotton Price and Transaction**: From January 30, domestic cotton futures and spot prices first rose and then fell. Spot trading was less active than last week, but some traders and textile mills still had good purchases. The sales basis of cotton spot continued to rise [13]. - **Cotton Warehouse Receipts**: As of January 30, there were 10,289 registered warehouse receipts and 1,084 pending warehouse receipts for No. 1 cotton, totaling 11,373 receipts, equivalent to 477,666 tons [13]. - **Spinning Mill and Weaving Mill Situation**: The spot quotation of pure - cotton yarn was generally stable with a slight increase, but the actual trading atmosphere was weak. The number of downstream factories on holiday increased, leading to a continuous contraction in new orders. Spinning mills' comprehensive startup rate continued to decline, and inventories continued to decrease. The grey - cloth market weakened, and manufacturers focused on collecting payments. Most weaving mills were cautious about the post - holiday market [14][15]. 3.3 Basic Data Charts The report provides 14 charts, including cotton sales progress, commercial inventory, spinning mill and weaving mill inventories, startup rates, profits, spreads, import profits, basis, and Zhengzhou cotton warehouse receipts [16][17][18]. 3.4 Operational Suggestions Maintain the judgment that Zhengzhou cotton futures will show a moderately strong and volatile trend. It is recommended to trade the target price subsidy policy for the next three years and the new - year's output after the Spring Festival in combination with demand [19].

Group 1 - The core viewpoint of the news is that cotton futures prices on the ICE are experiencing a downward trend, with the current price at 63.24 cents per pound, reflecting a decrease of 0.35% from the opening price [1] Group 2 - On January 29, the opening price of U.S. cotton was 63.73 cents per pound, with a closing price of 63.44 cents per pound, marking a decline of 0.80% [2] - The average price of Xinjiang 3128 cotton delivered to factories was 15,868 yuan per ton, down by 16 yuan per ton, while the price of Xinjiang 32s pure cotton yarn remained stable at 22,100 yuan per ton [2] - The U.S. Department of Agriculture reported that for the week ending January 22, net sales of U.S. upland cotton for the 2025/2026 marketing year were 204,000 bales, down from 412,000 bales the previous week [2] Group 3 - According to the CFTC data as of January 23, the number of unpriced sell orders for U.S. cotton was 50,908 contracts, a decrease of 1,413 contracts, while unpriced buy orders increased by 2,505 contracts to 98,867 contracts [3] - The number of unpriced contracts for sellers on ICE cotton 2603 was 14,435 contracts, which is a reduction of 4,839 contracts compared to the previous week [3]

Group 1 - The core viewpoint of the news is that cotton futures prices on the ICE are experiencing fluctuations, with a slight increase observed on January 29, 2023, where the price opened at 63.73 cents per pound and reached a high of 63.83 cents per pound, reflecting a 0.16% increase [1] Group 2 - On January 28, 2023, the opening price of U.S. cotton was 63.77 cents per pound, with a closing price of 63.95 cents per pound, marking a 0.31% increase [2] - The average price of Xinjiang 3128 cotton delivered to factories was 15,884 yuan per ton, an increase of 415 yuan per ton [2] - The price of Xinjiang 32s pure cotton yarn remained stable at 22,100 yuan per ton, while spinning profit decreased to 192.24 yuan per ton, down by 473.10 yuan per ton [2] - As of January 27, 2026, the cumulative amount of cotton inspected nationwide for the new season reached 7.1952 million tons, an increase of 812,500 tons year-on-year [2] - In Brazil's Mato Grosso state, the cotton planting progress improved by 19 percentage points to 48% as of January 23, compared to 29% in the same period last year [2]

Core Insights - The Bloomberg Grain Index increased by 0.58%, reaching 28.8058 points [1] - CBOT corn futures rose by 0.53%, priced at $4.24 per bushel [1] - CBOT wheat futures saw a significant increase of 1.58%, now at $5.1575 per bushel [1] - CBOT soybean futures experienced a slight decline of 0.05%, priced at $10.64 per bushel [1] - CBOT lean hog futures increased by 0.71%, while live cattle futures decreased by 0.13% [1] - ICE raw sugar futures rose by 1.49%, and ICE white sugar futures increased by 1.14% [1] - ICE Arabica coffee futures saw a minor increase of 0.09%, while Robusta coffee futures fell by 1.18% [1] - New York cocoa futures increased by 0.04%, reaching $4,450 per ton, after previously dropping to $4,387 [1] - ICE cotton futures declined by 0.61% [1]

Core Viewpoint - The cotton futures prices on the Intercontinental Exchange (ICE) are experiencing a gradual increase, with the current price at 64.50 cents per pound, reflecting a 0.16% rise from the opening price [1]. Group 1: Cotton Futures Market Overview - On January 8, the ICE cotton futures opened at 64.82 cents per pound, reached a high of 64.91 cents, a low of 64.46 cents, and closed at 64.62 cents, marking a decrease of 0.60% [2]. - As of January 2, the Commodity Futures Trading Commission (CFTC) reported that the number of unpriced sell orders for U.S. cotton (ON-call) was 46,251 contracts, a decrease of 1,927 contracts from the previous week. The unpriced buy orders stood at 88,321 contracts, down by 706 contracts [2]. - The ICE cotton futures saw a reduction in unpriced contracts for sellers, with 18,662 contracts reported, a decrease of 1,977 contracts from the prior week [2]. Group 2: Pricing and Profitability - The average price for 3128 grade cotton delivered nationwide was 15,883 yuan per ton, down by 280.00 yuan per ton [2]. - The price for 32s pure cotton yarn remained stable at 22,089 yuan per ton, while the spinning profit was reported at -1,382.3 yuan per ton, an increase of 308.00 yuan per ton [2]. Group 3: Export Dynamics - Brazil exported a record 452,500 tons of cotton in December, driven by high demand from Asian countries [2].

Core Viewpoint - The Bloomberg Grain Index experienced a decline of 0.30%, closing at 29.1181 points, before rising to a daily high of 29.3542 points and then quickly retreating [1] Grain Futures - CBOT corn futures fell by 0.17% [1] - CBOT wheat futures decreased by 0.39% [1] - CBOT soybean futures dropped by 0.52%, settling at $10.5650 per bushel [1] - Soymeal futures declined by 0.27% [1] - Soy oil futures fell by 1.10% [1] Livestock Futures - CBOT lean hog futures decreased by 0.46% [1] - Live cattle futures increased by 0.34% [1] - Feeder cattle futures rose by 0.98% [1] Sugar and Coffee Futures - ICE raw sugar futures increased by 0.20% [1] - ICE white sugar futures rose by 0.52% [1] - ICE Arabica coffee futures surged by 3.55% [1] - Coffee "C" futures also rose by 3.55% [1] - Robusta coffee futures increased by 2.42% [1] Cocoa Futures - New York cocoa futures fell by 1.45%, settling at $5989 per ton [1] - London cocoa futures also decreased by 1.45% [1] Canola Futures - Chicago WCE canola futures rose by 0.33% [1] Cotton Futures - ICE cotton futures increased by 0.76% [1]

Core Insights - The Bloomberg Grain Index decreased by 0.36%, closing at 29.1107 points [1] - CBOT corn futures fell by 0.40%, while CBOT wheat futures dropped by 0.54% [1] - CBOT soybean futures declined by 0.28%, settling at $10.6075 per bushel, with soybean meal futures down by 0.33% and soybean oil futures up by 0.14% [1] Commodity Performance - CBOT lean hog futures increased by 1.27%, live cattle futures rose by 0.60%, and feeder cattle futures gained 0.91% [1] - ICE raw sugar futures fell by 2.62%, and ICE white sugar futures decreased by 2.00% [1] - ICE Arabica coffee futures dropped by 0.41%, while Robusta coffee futures increased by 1.52% [1] - New York cocoa futures declined by 2.45%, closing at $6089 per ton, and London cocoa futures fell by 2.58% [1] - Chicago WCE canola futures rose by 0.85%, while ICE cotton futures decreased by 0.08% [1]

Group 1 - The core viewpoint of the article highlights the fluctuations in cotton futures prices on the ICE, with a slight increase observed on December 24, 2023, where the price opened at 64.01 cents per pound and reached a current price of 64.06 cents per pound, marking a 0.06% increase [1] - On December 23, the opening price for cotton futures was reported at 63.61 cents per pound, with a closing price of 63.90 cents per pound, reflecting a 0.36% increase [2] - The Brazilian CEPEA/ESALQ cotton price index was reported at 62.74 cents per pound on December 23, showing an increase of 0.97% from the previous day, but a decrease of 3.52% compared to the same period last month [2] Group 2 - The USDA's weekly export sales report indicated that for the week ending December 11, the net sales of U.S. upland cotton for the 2025/26 marketing year were 304,689 bales, significantly higher than the previous week's 153,266 bales [2] - The export volume for the same week was reported at 134,371 bales, also an increase from the prior week's 101,577 bales [2] - The USDA forecasts that Pakistan's cotton production for the 2025/26 marketing year will remain at 1.089 million tons, unchanged year-on-year, but significantly lower than previous bumper crop years [2]