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DTN Closing Cotton 04/07 13:39
Cotton Nervously Retreats
The cotton market is somewhat lower today, a result of its own overbought
situation, and of course, the rising fears over the U.S./Iranian Strait of
Hormuz deadline tonight at 8 p.m. EDT.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market is somewhat lower today, a result of its own overbought
situation, and of course, the rising fears over the U.S./Iranian Strait of
Hormuz deadline tonight at 8 p.m. EDT. Even so, new-crop December has climbed
to its highest price level since May 2023.
USDA will issue a new round of export sales on Thursday. Last week saw
combined seasonal sales over 488,000 bales. Shipments were 356,000, down 11%
weekly.
Also on Thursday, USDA will update its supply-demand tables via the April
WASDE. Supposedly, government tabulators will not assign a yield number until
the May WASDE report.
This Friday, traders will see a fresh readout of consumer prices via the
April CPI. Certainly, increased fuel prices and surcharges have been spreading
across shipping and airlines, a signal that energy disruptions are already
feeding into consumer costs.
Also on Friday, the CFTC will update its Commitment of Traders data. Last
week saw the managed-money funds had net bought some 21,000 positions, reducing
their net-short carry to 12,266 contracts.
For Tuesday, July closed at 73.54 cents, down 30 points; December 2026
closed at 75.47 cents, minus 28 points; and March 2027 finished at 76.33 cents,
35 points lower. Tuesday's estimated volume was 100,365 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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