0954 ET - Cotton futures on the ICE are benefiting from a short-covering rally early in the day, with support coming from Gap Inc. earnings last week--in which the company said that it plans to double its consumption of U.S. cotton by next year. The sign of increased demand is giving cotton a boost, with the most-active contract up 2% to 66.32 cents a pound. But Gap's declaration of using more U.S. cotton comes as prices for cotton have been range-bound in historically-low levels between 60-70 cents a pound--levels last seen in 2020. The USDA has forecast that farmers are planting 9.87 million acres of cotton this growing season, down 12% from the previous year. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
June 02, 2025 09:54 ET (13:54 GMT)
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