Cotlook Index: 23-09-2026
93.25 (-0.40)
Slight change in ICE cotton futures as traders await demand signal
Thursday, 24th Sep 2026, (Source: www.fibre2fashion.com)
Insights: ICE December 2026 cotton settled two points higher at 82.89 cents per pound after trading between 82.18 and 83.48 cents. Volume fell to 35,528 contracts from 52,195, suggesting traders are holding back from large positions after two volatile sessions. Export demand remains weak, China's direct buying is limited, and US harvest progress, yields and cotton quality remain key supply factors.
ICE cotton futures ended almost unchanged on Wednesday, September 23, as thin trading left the market without a clear direction after two volatile sessions. Export demand was weak and there was potential pressure from new crop supplied. The most active December 2026 contract settled two points higher at 82.89 cents per pound. The contract traded between 82.18 and 83.48 cents per pound, a range of 130 points, and closed close to the range’s midpoint. It was the second consecutive session in which prices stayed within the previous day’s range. Volume fell to 35,528 contracts from 52,195 on Tuesday, suggesting traders were holding back from large positions. December cotton had gained 227 points on Monday after last week’s steep decline, before losing 55 points on Tuesday. Wednesday’s marginal rise did little to establish whether the recovery would continue. The session’s low of 82.18 cents and high of 83.48 cents have become the immediate levels watched for the next move. Export demand remained a concern. The latest available US cotton sales figures showed limited new business, while China’s direct buying remained weak. China’s state reserve purchases offered some support to physical demand, though that had yet to produce a sustained rise in ICE futures.
Wednesday’s trading showed little conviction. The December 2026 contract closed two points higher at 82.89 cents per pound, after trading between 82.18 and 83.48 cents. Volume was just 35,528 contracts. Traders are now watching those two price levels for signs of the market’s next direction.
Traders were also watching Chinese President Xi Jinping’s September 23–25 visit to the US for any signals on agricultural trade. Harvest progress, yields and cotton quality in the US remained important supply factors. For now, subdued export demand and uncertainty over the crop outlook left the market trading in a narrow range.
This morning (Indian Standard Time), December 2026 cotton was trading at 82.67 cents per pound (down 0.08 cent). Cash cotton was traded at 80.39 cents (up 0.02 cent), while the October 2026 contract traded at 78.91 cents (down 0.78 cent). The March 2027 contract was traded at 87.41 cents (down 0.42 cent), May 2027 at 87.04 cents (down 0.28 cent), and July 2027 at 87.25 cents (down 0.28 cent).
India seeks to strengthen physical & digital export support: Goyal
Thursday, 24th Sep 2026, (Source: www.fibre2fashion.com)
Insights: India plans to train about 1,000 local personnel in regional languages to help existing and prospective exporters at district and state levels. Textile, man-made fibre and other sectors raised issues on FTA use, documentation, logistics, standards and testing. A Trade Connect platform is being developed to give product- and HSN-wise tariff, FTA and procedure information.
India plans to build a district- and state-level export support network of approximately 1,000 trained local personnel with regional-language capability, Minister of Commerce and Industry Piyush Goyal told industry stakeholders at a recent trade reforms workshop. The proposed personnel will be trained and then deployed to handhold existing and prospective exporters, including through industry chambers and regional associations. For textile and man-made fibre businesses, the announcement was linked to wider industry discussions on FTA use, documentation, logistics, standards and testing infrastructure, the Ministry of Commerce & Industry said in a press release. The Department for Promotion of Industry and Internal Trade (DPIIT) organised the workshop on Ease of Doing Business, Free Trade Agreement (FTA) opportunities and trade reforms at Bharat Mandapam. The meeting was followed by an interaction with Goyal and Minister of State for Commerce and Industry Jitin Prasada. Goyal also said integrated commerce and industry offices are envisaged in major cities so that businesses can access multiple departments and agencies through a common point, instead of separate departmental offices being set up in every location. Officials were asked to examine suggestions made by industry representatives, and the ministry described the meeting as the first interaction of this kind with a regional industry association. The Trade Connect platform under development is intended to give exporters product-wise and HSN-code-wise information, including destination-country tariffs, FTA opportunities and procedures for using FTA benefits. The platform is also planned to use digital and AI-enabled tools to help businesses identify potential export opportunities and infrastructure gaps, added the release. A dedicated FTA and trade facilitation session covered opportunities and obligations under India’s trade agreements, along with digitalisation, documentation and simplification of trade-related processes. Industry representatives sought stronger interoperability between government systems and foreign trade platforms, including digital transmission and verification of Certificates of Origin under FTAs. The proposal to extend electronic processes to other FTA partners was noted for examination. Industry also called for further integration across the export cycle involving the Directorate General of Foreign Trade (DGFT), Customs, banks and other stakeholders. Representatives from pharmaceuticals, textiles, man-made fibres, copper, automotive and engineering, air-conditioners and logistics, as well as MSMEs and women entrepreneurs, raised issues related to export competitiveness, trade documentation, regulatory processes, FTA utilisation, logistics, domestic supply chains, standards and testing infrastructure, and regulatory certainty. The interaction also took up logistics and trade-process bottlenecks, including documentation backlogs and concerns over sea-freight costs. Sector-specific concerns included rules of origin and imports, export quality and regulatory procedures, import competition, testing and certification infrastructure, and regulatory certainty for MSMEs.DPIIT presentations covered Startup India, Intellectual Property Rights, investment facilitation, the National Single Window System, industrial infrastructure and reforms linked to the Petroleum and Explosives Safety Organisation. The ministry said the presentations highlighted simplification and rationalisation of regulatory processes, digitalisation, reduction of compliance burden and improvements in approval and service delivery systems. The roller chain and industrial components manufacturing sector told the meeting that policy measures including Quality Control Orders, Minimum Import Price provisions and higher import duties had strengthened domestic manufacturing, the ministry said. Industry representatives from the sector cited a 15-fold expansion, new investments of about ₹500 crore (~$52.2 million) and around 5,000 new jobs. The ministry said the importance of quality and international standards was also emphasised. Industry associations and Export Promotion Councils were encouraged to support awareness and compliance with destination-market standards and to help identify fraudulent, substandard or non-compliant manufacturing for regulatory action.
India leads global growth outlook; FY27 forecast at 6.7%: WEF survey
Thursday, 24th Sep 2026, (Source: www.fibre2fashion.com)
Insights: India's FY27 growth forecast rose to 6.7 per cent, the highest in the WEF survey, backed by resilient domestic demand. For apparel sourcing and retail, India and South-East Asia remain brighter demand markets, with real incomes expected to rise. Trade teams face geopolitical risk, fragmentation and likely US and Europe tariff increases, though most economists expect global trade volumes to grow.
India retains the strongest growth outlook among the world economies covered in the latest chief economists’ survey, with the country’s fiscal year 2026-27 growth forecast raised to 6.7 per cent, according to the latest World Economic Forum’s Chief Economists' Outlook. The report links the upgrade to continued resilience in domestic demand, while noting that higher energy prices remain a drag on the outlook.
The survey found that 98 per cent expected India to record moderate or stronger growth over the next 12 months, including 74 per cent anticipating strong or very strong expansion. South-East Asia followed closely on the latter measure at 73 per cent, ahead of Central Asia at 44 per cent.
The World Economic Forum (WEF) in a press release said the September 2026 edition of the Chief Economists' Outlook was based on consultations and surveys with chief economists from the public and private sectors, conducted from August 4 to 20, 2026. Globally, 56 per cent expect the outlook over the next year to be stable or better, a reversal from May, when 89 per cent expected conditions to deteriorate.
On India’s labour market, the WEF report said 70 per cent expect unemployment to remain unchanged over the next 12 months, while 17 per cent expect an increase and 13 per cent expect a decline. The report said the unemployment rate among people aged 15 and above fell to 5 per cent in August from 5.1 per cent in July, while labour force participation rose to 55.6 per cent from 55.4 per cent over the same period.
Inflation expectations for India have eased since May. It said 55 per cent of chief economists expect moderate inflation over the next 12 months and 45 per cent expect high inflation, compared with 61 per cent expecting high or very high inflation in May. Consumer price inflation rose to 4.8 per cent year-on-year (YoY) in August, above the 4 per cent medium-term target but within the 2-6 per cent tolerance range.
The report added that 67 per cent of respondents expect monetary policy to remain unchanged, while 24 per cent expect tightening; the policy rate was kept at 5.25 per cent in August. Equity market performance has been weaker, with the WEF report noting that the Nifty 50 was down 7.9 per cent since the start of the year as of August 19.
For the global economy, 69 per cent of respondents view fiscal support as the main factor behind resilience since 2020, but only 28 per cent expect it to play the same role over the next 12 months. Respondents instead pointed to flexible supply chains, technological innovation and energy-market adaptation as important sources of resilience, with the US and China seen as the best placed to withstand shocks.
Ninety-seven per cent of respondents identify geopolitical conflicts as a likely source of uncertainty over the next year, 58 per cent expect asset-price corrections, and only one-quarter expect the global economy to become more resilient. It also found that 77 per cent expect geoeconomic fragmentation to rise, while 55 per cent expect tariff increases in the US and 43 per cent in Europe. Two-thirds of respondents expect global trade volumes to increase, and 83 per cent expect Chinese exports to markets outside the US to rise.
Regional assessments remain uneven. The WEF report said India, South-East Asia, Central Asia and the US receive the strongest growth assessments, while China’s outlook has weakened, with about one in three economists expecting weak growth. Europe remains the weakest region in the survey, with 61 per cent expecting weak or very weak growth. The US is viewed as the most favourable business environment for multinational companies, followed by South-East Asia and Europe; India has moved to fourth place and China remains fifth.
The survey also found broad expectations of increased artificial intelligence (AI) adoption. It said 97 per cent of respondents expect AI adoption to rise over the next 12 months and 69 per cent expect meaningful productivity gains. Around 78 per cent expect data-centre investment to account for a significant share of global growth, but 79 per cent expect such expansion to face significant local-community pushback. It also found that 61 per cent do not expect data-centre investment to generate a significant share of global job creation, while majorities expect data-centre expansion to raise electricity prices, at 78 per cent, and water prices, at 58 per cent.
Most chief economists expect real incomes to fall or stagnate in most regions, except South-East Asia and India, where more than 60 per cent expect increases. The most likely policy responses, according to respondents, are tax reductions on essential goods at 60 per cent, consumption subsidies at 54 per cent and price caps at 50 per cent, compared with 36 per cent expecting tax reductions for low-income households and 26 per cent expecting targeted cash transfers.
Maharashtra Drought Relief Begins
Thursday, 24th Sep 2026, Yash Chouhan, (Source: www.smartinfoindia.com)
Drought-like conditions raise concerns in Maharashtra; immediate relief announced for farmers.
Drought-like conditions have emerged in several parts of Maharashtra due to a weak monsoon and a prolonged rainfall deficit. Chief Minister Devendra Fadnavis has stated that the state government will provide immediate relief to affected farmers without waiting for financial assistance from the Centre. He announced that the first notification regarding drought-mitigation measures would be issued by Saturday. Speaking to reporters after a cabinet meeting, the Chief Minister said that the process of conducting damage assessments (panchanamas) would begin on September 23. Although this process was originally scheduled to start on October 5, it has been advanced due to the severity of the damage. Soybean, maize, and cotton crops have suffered significant damage in the current situation. Additionally, the paddy crop in the Konkan region has also been affected. Cabinet sub-committee formed for relief
To provide relief to farmers and make swift decisions based on the situation, the government has constituted a cabinet sub-committee headed by Revenue Minister Chandrashekhar Bawankule. The committee has been granted powers equivalent to the cabinet, and Chief Secretary Rajesh Agrawal will serve as its secretary. The committee will review reports received from affected areas on a weekly basis; however, major policy decisions will be taken at the state cabinet level.
Chief Minister and ministers to visit affected areas
Fadnavis stated that he would visit the affected areas starting September 23. Ministers and public representatives will also visit these regions to interact with farmers and assess the situation on the ground. The subsequent relief process will be determined based on the damage assessments and crop loss surveys.
The state government will prepare a separate proposal under the National Disaster Response Fund (NDRF) norms to seek financial assistance from the Centre; this implies that central aid has not yet been approved. The government has emphasized prioritizing the supply of drinking water and cattle fodder. Plans are being formulated to arrange for water and fodder for the next 7 to 8 months in coordination with local bodies.
East, Central India May Get More Rain
Thursday, 24th Sep 2026, Yash Chouhan, (Source: www.smartinfoindia.com)
Higher rainfall likely in East and Central India during the final phase of the monsoon; El Niño projected to persist until 2027
New Delhi: Rainfall activity is expected to intensify in East and Central India during the final phase of the monsoon's withdrawal. According to a report by Dolat Capital, as the monsoon withdraws from Northwest India, the final weeks could bring increased rainfall to the eastern and central regions. The report also forecasts a strengthening of El Niño and predicts it will persist until 2027.
According to the report, the most significant improvement in rainfall conditions has been observed in East and Northeast India, where the rainfall deficit narrowed from 29% last week to 27%. The Southern Peninsula also saw improvement, with the deficit dropping from 28% to 26%. The rainfall deficit in Central India remained stable at around 6%, while in Northwest India, it rose from 9% to 10%. At the all-India level, the rainfall deficit held steady at 15%.
Meanwhile, a low-pressure area over the Bay of Bengal is moving towards the east coast. It is likely to intensify further before making landfall, potentially sustaining rainfall activity across East and Central India.
In the agricultural sector, total sowing of Kharif crops reached 1,103.9 lakh hectares by September 18. The total deficit compared to the same period last year narrowed to 15.1 lakh hectares, down from the 16 lakh hectare deficit recorded the previous week.
For the first time this season, the acreage under oilseeds exceeded last year's figures, while pulse sowing remained largely stable. Rice sowing continues to lag; the area covered stood at 429.3 lakh hectares, compared to 445.9 lakh hectares last year, narrowing the deficit from 17.0 lakh hectares to 16.6 lakh hectares. The cotton acreage stood at 109.6 lakh hectares, compared to 110.6 lakh hectares the previous year, marking a reduction of 1 lakh hectares in sowing.
There were no significant changes in the acreage for sugarcane, jute, and mesta. Water levels in reservoirs across central and western India remained above the 10-year average, whereas the southern peninsula lagged in both sowing progress and reservoir levels.
According to Dolat Capital, El Niño has intensified significantly and could emerge as one of the strongest events on record; the report projects it to persist until 2027.
The rupee opened at 95.83 against the dollar, down by 9 paise.
Thursday, 24th Sep 2026, Yash Chouhan, (Source: www.smartinfoindia.com)
The rupee had closed at 95.74 on Wednesday, whereas today it opened at 95.83 per dollar, a decline of 9 paise. Amid weak global cues, Indian markets opened lower, with the Nifty slipping below the 23,300 mark. The Sensex fell 573.95 points (0.77%) to 74,254.30, while the Nifty dropped 202.90 points (0.87%) to 23,243.90.
Bangladesh introduces Taka settlement framework for cross-border trade
Thursday, 24th Sep 2026, (Source: www.fibre2fashion.com)
Insights: Bangladesh Bank has opened a Taka settlement route for eligible cross-border trade through Non-Resident Taka vostro accounts at authorised dealer banks. Letters of credit and contracts will stay in admissible currencies, with invoice values converted into Taka at prevailing rates. Eligible exporters retain foreign currency facilities for input imports and Export Development Fund loan repayment.
Bangladesh Bank (BB) has introduced a framework allowing eligible cross-border trade transactions to be settled in Taka through Non-Resident Taka (NRT) vostro accounts maintained by authorised dealer (AD) banks for correspondent banks in trading partner countries. The new arrangement allows AD banks to open and maintain Taka vostro accounts in the names of correspondent banks in Bangladesh’s trading partner countries without initial deposits, against payments to be received for admissible imports. Balances in these accounts can subsequently be used to settle export payments from Bangladesh and other permitted transactions, as reported by local media. The framework provides an additional channel for bilateral trade settlement in Taka and could diversify payment mechanisms for Bangladesh’s international trade. The arrangement may be relevant to exporters and importers seeking alternative settlement options with suitable trading partners. Under the new system, letters of credit, contracts and invoices will continue to be denominated in freely convertible or otherwise admissible currencies. The invoiced amounts will be converted into Taka at the prevailing exchange rate for settlement through the vostro accounts.
For import transactions, Taka vostro accounts may be credited with payments made by importers, while export payments may be made to Bangladeshi exporters from the accounts. Bangladesh Bank has also permitted advance payments for eligible imports and exports through the arrangement, subject to prevailing foreign exchange regulations. Exporters receiving proceeds in Taka will remain eligible for foreign currency retention facilities, where applicable. These facilities can be used to meet obligations such as payments for imported inputs and repayment of loans obtained from the Export Development Fund (EDF). Surplus balances in Taka vostro accounts may also be used for permitted investments in Bangladesh, including foreign direct investment, foreign portfolio investment, alternative investment funds and open-end mutual funds, subject to existing regulations. The balances may also be used for lending to resident entities with the necessary approvals or for permitted outward remittances. Previously, AD banks could open Taka vostro accounts in the names of their overseas branches and correspondent banks against inward remittances in freely convertible currencies. The new framework expands the mechanism by allowing accounts to be maintained for correspondent banks in Bangladesh’s trading partner countries against payments for admissible imports.
Bangladesh Bank said the new arrangement will continue to operate within existing documentation, reporting and compliance requirements.
US-China trade truce extended till January 10, 2027
Thursday, 24th Sep 2026, (Source: www.fibre2fashion.com)
Insights: US and China extended their bilateral trade truce to January 10, 2027, keeping negotiations open on tariffs, critical minerals and market access. The rollover keeps the Busan framework in place but does not create a new trade deal or remove tariffs or restrictions. Apparel importers and sourcing teams face tariff uncertainty, with a broader package possible by January or another rollover.
The United States and China have extended their bilateral trade truce from November 10, 2026, to January 10, 2027, US Treasury Secretary Scott Bessent said, keeping negotiations open on tariffs, critical minerals, agriculture, technology and market access.
The extension comes ahead of US President Donald Trump’s meeting with Chinese President Xi Jinping, who is currently on a state visit to the US.
The extension continues the negotiating framework but does not create a new trade agreement or remove tariffs and restrictions still in place between the two economies.
The two countries have agreed to extend the truce by two months and work on a broader deal, Bessent said in an interview. Bessent announced the extension after an unscheduled Washington meeting with Chinese Vice Premier He Lifeng, with Bessent saying a larger economic package could be agreed by January or the current arrangement could be rolled over again.
The arrangement, known as the Busan Agreement, was reached in October 2025 on the sidelines of the Asia-Pacific Economic Cooperation Leaders’ Summit in Busan, South Korea. Under that framework, Washington reduced its overall tariff on Chinese imports to 47 per cent from around 57 per cent, while Beijing agreed to restore rare-earth supplies, suspend additional critical-mineral export restrictions to the US, buy 25 million tonnes of US soybeans and raise purchases of other US agricultural products.
The truce followed a tariff escalation that began in April 2025 and talks in Geneva in May 2025. Under those Geneva understandings, the US suspended 24 percentage points of a 34 per cent reciprocal tariff on Chinese goods while retaining 10 per cent at that time, and China made a corresponding reduction while suspending or removing several non-tariff countermeasures. The later Trump-Xi meeting in South Korea covered tariffs, rare-earth exports, agricultural purchases, semiconductor-related measures and shipping.
Under US implementation documents, November 10, 2026, was the expiry date for the US suspension of heightened reciprocal tariffs and for 178 exclusions from Section 301 tariffs. The US also suspended for one year measures linked to its Section 301 investigation into China’s maritime, logistics and shipbuilding sectors, while China suspended tariffs on a range of US agricultural goods and extended its market-based tariff exclusion process; some Chinese measures were due to run until December 31, 2026. The legal setting changed after the US Supreme Court invalidated the administration’s use of the International Emergency Economic Powers Act for its tariff programme, after which the Trump administration announced a temporary 10 per cent import surcharge under Section 122 of the Trade Act.
Cotton arrivals rise, but buyers hold back as prices soften
Tuesday, 22nd Sep 2026, (Source: www.textile.economictimes.indiatimes.com)
Cotton arrivals are rising across India as the 2026 kharif harvest gathers pace, but weak yarn demand and softer global futures are keeping buyers cautious. Prices have begun to ease after CCI cut auction rates, while acreage data suggests a slightly smaller crop base than last year.
India’s cotton market is entering the new arrival season with a familiar tension: more crop is reaching mandis, but buying interest is not keeping pace. As supplies from the 2026 kharif harvest improve across several states, trade participants are watching global cues closely and waiting for clearer price direction before committing fresh purchases.
The Hindu BusinessLine reported that daily raw cotton arrivals have climbed to about 30,000 bales of 170 kg each across major producing regions. Traders expect the flow to intensify from early October, when the harvest gathers momentum in more districts and more ginning units begin operating at full pace.
Arrivals are building, but unevenly across states
Market sources said the current inflow is spread across Karnataka, Andhra Pradesh, Gujarat, Maharashtra, Madhya Pradesh and northern India. Atul S Ganatra, CMD of Radhalakshmi Group, said daily arrivals are around 30,000 bales and are likely to rise from the first week of October. He estimated that North India is contributing roughly 8,000 bales a day, while Karnataka and Andhra Pradesh are each bringing in about 4,000 bales, Madhya Pradesh about 5,000 bales and Gujarat around 4,000 bales.
In Maharashtra, arrivals have started from the Khandesh belt, signalling that the broader harvest cycle is beginning to widen. Even so, the season is still in its early phase and the market has not yet seen the kind of large-scale supply pressure that typically emerges once more centres start moving cotton simultaneously.
Weak yarn demand is pulling sentiment lower
The bigger concern for the trade is not supply, but demand. Ganatra said buying has slowed because the yarn market remains weak, and export demand for yarn is also soft. He linked that caution to ICE cotton futures, which have moved down from 93 cents per pound a few days earlier to 83 cents per pound.
That decline has filtered through the value chain. When international futures soften, spinners and traders become more conservative about raw cotton purchases, especially if yarn realisations are not improving at the same pace. Ganatra said raw cotton prices are still above the minimum support price, helped by stronger seed prices, but the market is not seeing aggressive buying interest.
Ramanuj Das Boob, a sourcing agent in Raichur, said buyers are staying on the sidelines. “There are no buyers. They are not keen to enter the market now and prefer to wait and watch,” he said. The comment captures the mood in a market where caution has replaced urgency, even as new crop supplies begin to arrive in greater volume.
Domestic prices remain firm, but pressure is visible
Spot prices are still elevated by historical standards, though they have started to ease in some centres. In Raichur, raw cotton was quoted on Friday at ₹9,300 to ₹9,500 per quintal. In Adoni, prices were in the ₹9,200 to ₹9,500 range. Maharashtra was trading lower at around ₹8,600 per quintal, a level traders attributed to higher moisture content in the crop.
That moisture factor matters because it affects both quality and the willingness of mills to pay up. In a market where yarn demand is already subdued, quality-related discounts can widen the gap between seller expectations and buyer bids. The result is a slower spot market, even though arrivals are improving.
CCI cuts auction rates, but trade response stays muted
The Cotton Corporation of India has tried to adjust to the softer tone. According to the report, the state-run agency reduced auction prices by ₹1,600 per candy of 356 kg this week, bringing rates to about ₹67,000. The move followed the easing trend in ICE futures and was meant to keep its offerings aligned with market conditions.
But the price cut has not yet triggered a strong response. Buyers have remained cautious over the past few days, preferring to wait for larger new-crop supplies and possibly better opportunities later in the season. Traders said even resellers are finding it hard to move existing stocks, which suggests that the slowdown is broader than one pricing adjustment can fix.
Prices for the 2025-26 crop, which had crossed ₹70,000 per candy a few weeks ago, have now softened to around ₹66,500 to ₹67,500. New crop cotton is being offered in the range of ₹66,000 to ₹67,000, according to Boob. That narrowing band between old and new crop values usually signals a market searching for a fresh equilibrium rather than a sharp directional move.
Area trends point to a slightly smaller crop base
Supply expectations are also being shaped by acreage trends. Agriculture Ministry data showed cotton area at 109.61 lakh hectares as of September 18, marginally below 110.60 lakh hectares a year earlier. The gap is not dramatic, but it suggests that the crop base is a little smaller than last season’s.
State-wise data presents a mixed picture. Telangana reported a 5.45 per cent increase in acreage, Gujarat was up 3.24 per cent and Madhya Pradesh rose 2.28 per cent. Other major states showed declines, indicating that the national total is being supported by gains in a few pockets rather than a broad-based expansion.
For the market, that means supply is likely to improve as the harvest advances, but not necessarily in a way that overwhelms prices immediately. The near-term direction will depend on how quickly arrivals accelerate, how much yarn demand recovers and whether global futures stabilise after the recent slide.
For now, the cotton trade is in a wait-and-watch phase. Farmers are bringing in the crop, traders are tracking ICE for cues, and mills are resisting fresh buying until the price spread becomes more attractive. That combination points to a market that is easing, but not yet decisively in free fall.
