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DTN Closing Cotton 03/31 13:36
Cotton Slips on USDA Data; Markets Watch Iran, Trump-Xi Summit
After its recent upside ramble, the cotton market was somewhat off today. At
the heart of its decline was today's acres intentions from USDA.
Keith Brown
DTN Contributing Cotton Analyst
After its recent upside ramble, the cotton market was somewhat off today. At
the heart of its decline was today's acres intentions from USDA. Other
influences were a lower U.S. dollar, and stubbornly high energy prices. Traders
will now assess the weather forecasts, the US/Iran conflicts, and the upcoming
Trump/Xi meeting for possible price directions.
Today's USDA Prospective Plantings Report showed U.S. 2026 cotton planted
acres at 9.640 million acres. This was not only above the average expectation
from a pre-report guess of 9.229 million acres, but above the high end of the
range of expectations of 9.000 to 9.635 million.
On Thursday, USDA will issue its weekly exports-sales. Previously, net
combined seasonal sales were 230,000 bales, far below the recent pace of
300,000-plus. However, exports were 400,600 bales, which was another
marketing-year-high on shipments.
The Dow Jones was markedly higher today following reports suggesting that
the US/Iran war could soon come to an end. A major financial newspaper reported
that President Trump had indicated that he could end the hostilities, while
leaving the Straits of Hormuz largely closed. Another major New York paper also
reported that the President said that the war could end quickly, with other
nations taking the lead in reopening the Strait of Hormuz.
All U.S. markets will be closed this Friday for the Good Friday/Easter
Holiday.
For today, July closed at 7213, down 29 points, December 26 closed at 7434,
minus 27 points, and March 2027 finished at 7531, 24 points lower. Today's
estimated volume was 116,476 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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