According to CoinMeta, driven by concerns over the ongoing deterioration of crop conditions and further boosted by a strengthening grain market, Intercontinental Exchange (ICEX) cotton futures broke through the key $0.90 per pound mark for the first time since early 2024 on Thursday. In recent weeks, ICE cotton futures have continued to rise steadily, with a cumulative increase of over 10% so far this month, supported by weather concerns that have worsened crop prospects. The president of Chicago Lakefront Futures and Options said that recent crop inspections indicate a significant deterioration in the growth of field crops, and cotton has also been affected by these negative sentiments. A latest crop growth report released earlier this week by the US Department of Agriculture (USDA) shows that the percentage of excellent cotton has further declined, currently at only 37%, compared to 54% during the same period last year. It is expected that this year's El Niño climate phenomenon will be particularly strong, which has significantly changed rainfall patterns and may have a lasting impact on commodity prices. In addition, Chicago wheat futures have climbed to a three-year high, providing additional support for cotton prices as well.