. The latest export sales report from the US Department of Agriculture (USDA) reveals a significant uptick in net sales of US Upland cotton for the 2023-24 season, showcasing robust demand in international markets. With net sales totaling 253,700 running bales (RB), each weighing 226.8 kg or 500 pounds, the figures reflect a notable increase from the previous week and the prior four-week average.
The cotton market in the USA continues to exhibit a puzzling trend, with prices trapped within a narrow range despite a surge in export sales. Despite the ongoing movement of U.S. cotton abroad, there has been no discernible improvement in demand, leaving prices stagnant within the six-cent range of 77-83 cents. The persistent lack of demand poses a challenge to market dynamics, raising concerns among industry stakeholders.
Express, Inc. (OTC PINK: EXPR) has recently disclosed its receipt of a non-binding letter of intent from a consortium led by WHP Global (“WHP”), along with the participation of a wholly owned indirect subsidiary of Simon Property Group, L. P. (“Simon”) and Brookfield Properties (“Brookfield”), for the potential sale of a significant majority of the Company’s retail stores and operations.