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DTN Closing Cotton 04/17 13:49
Cotton Market Closes Over the 80-Cent Mark
The cotton market capped two weeks of strong prices by hurdling and closing
over the 80-cent mark.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market capped two weeks of strong prices by hurdling and closing
over the 80-cent mark. In doing so, the December 2026 contract posted new
life-of-contracts highs. The Climate Prediction Center continues to peg the
U.S. planted area as being 97% in drought conditions. Accordingly, short
covering and new buying supported the ICE futures.
This afternoon at 3:30 p.m. EDT, the CFTC will update its weekly Commitment
of Traders information. For nearly two years, and certainly through last week,
the managed-money funds have been bearish to the cotton market, posting, at one
time, a record net-short carry. However, at last count, they were pegged
slightly net short by a mere 2,020 contracts.
First notice day for the May contract is April 24. Its delivery period runs
through May 6.
Next Monday, USDA will issue its weekly Crop Progress report. At last count,
the 2026 crop was some 7% planted versus its five-year average of 7% complete.
The data will be out at 4 p.m. EDT.
Crude oil was decisively lower today after the Iranian Foreign Minister
declared that the Strait of Hormuz was "completely open." His remarks followed
comments by President Trump Thursday that indicated the U.S. and Israel-Iran
war should conclude very soon, or the fighting will be renewed. WTI crude oil
futures fell some 11%, with its products (diesel and gasoline) close in tow.
For Friday, July closed at 79.82 cents, up 169 points; December 2026 closed
at 80.50 cents, plus 151 points; and March 2027 finished at 81.20 cents, up 139
points. Friday's estimated volume was 104,323 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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