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DTN Closing Cotton 04/14 13:32
Cotton Dips Lower in Counter-Tuesday Pattern
The cotton market was somewhat lower today in keeping with its time-tested
"counter-Tuesday" phenomenon.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was somewhat lower today in keeping with its time-tested
"counter-Tuesday" phenomenon. That is, forever and a day, it seems, however the
market ended on a Monday, it reversed itself the next day (Tuesday). Still, the
current trend of cotton is glaringly positive.
This Thursday, traders will see a new round of export sales from USDA. Last
week's data showed net weekly sales were 319,000 bales, down 14%, while
shipments were 342,000 bales off 4%.
First notice day for the May contract is April 24. Its delivery period runs
through May 6.
Also, on Thursday and this Friday, traders will see fresh retail sales data
and updated housing starts numbers. Both of those reports reflect a large
portion of domestic demand for the cotton industry.
The U.S. dollar, considered a safe haven in the ongoing Middle East
conflict, posted its seventh straight decline today. Traders are sensing there
may soon be a diplomatic breakthrough or capitulation with Iran. Major
newswires reported that negotiations between Washington and Tehran were
still alive, however with the U.S. closure of Hormuz, many analysts believe
that "financial time" is running out for the Islamic Republic.
For Tuesday, July closed at 76.52 cents, down 11 points; December 2026
closed at 77.20 cents, minus 61 points; and March 2027 finished at 77.98 cents,
61 points lower. Tuesday's estimated volume was 129,490 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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