| |
DTN Closing Cotton 04/24 13:30
Cotton Market Closes Slightly Lower Friday
The cotton market traded on both sides of Thursday's December settlement
(80.68 cents) before finally closing slightly lower today.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market traded on both sides of Thursday's December settlement
(80.68 cents) before finally closing slightly lower today. Generally, most
outside markets were neutral to quiet ahead of the weekend and nervous over the
Middle East conflict.
First notice day for the May contract is today, with any notice being issued
post close. Its delivery period runs through May 6.
Also, today at 3:30 p.m. EDT, the CFTC will update its Commitment of Traders
standings. Last week, for the first time in some two years, the managed-money
funds had reversed to a net-long position. Currently, they are net long some
16,000 contracts.
On Monday at 4 p.m. EDT, USDA will issue the latest crop progress numbers.
Last week, the U.S. cotton crop was reported at 11% planted, in line with the
five-year average.
The USDA attache in China has forecasted Chinese 2026/27 cotton production
at 7.2 million metric tons, down 4.5% from 2025/26. Domestic consumption is
forecast at 8.4 million tons on anticipated domestic economic growth. Cotton
imports for 2026/27 are projected at 1.5 million tons, up slightly from 1.4
million in 2025/26, but the 10% tariffs imposed on U.S. cotton imports are
expected to continue to suppress U.S. exports to China.
Crude oil was lower today on reports that Iranian Foreign Minister Abbas
Araghchi will travel to Pakistan for peace talks. Supposedly, the talks will be
renewed this weekend and into next week. Also, Israel and Lebanon agreed
Thursday to prolong their truce by three weeks following their meeting at the
White House.
For Friday, July closed at 79.36 cents, down 9 points; December 2026 closed
at 80.58 cents, minus 10 points; and March 2027 finished at 81.46 cents, 10
points lower. Friday's estimated volume was 45,603 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
(c) Copyright 2026 DTN, LLC. All rights reserved.
No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up Free today!
|
|
