The A-Index of world cotton prices (the yellow line) generally parallels ICE cotton futures (the green line) at a premium. China’s internal cotton price (the blue line) is usually higher than world prices, but the spread collapsed in April 2022 with a big uptick in the A-index. Similarly, The ICE cotton Jul’22 contract traded higher than the Chinese price in May. But in late June, all three price series turned down, with ICE futures dramatically collapsing below the other two price series. The pattern of Chinese prices and the A-index for the week ending September 30 were mixed to lower.