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DTN Closing Cotton 04/23 13:32
Cotton Market Tries to Post New Highs
After Wednesday's big tumble, the cotton market was able to gather itself
today and try to post new highs.
Keith Brown
DTN Contributing Cotton Analyst
After Wednesday's big tumble, the cotton market was able to gather itself
today and try to post new highs. However, fears of weekend rains, an overbought
situation, and some merchant selling, kept the market somewhat in neutral check.
Highlights from today's weekly export sales included net sales of 119,947
bales for the current marketing year and 57,078 for the 2026/27 season. The
combined seasonal sales were 177,025, down from 187,964 bales last week.
Cumulative sales 93% of USDA's forecast versus the five-year average of 101%
sold at this time in the marketing year. Shipments totaled 296,379 bales, down
from 305,029 the previous week. The largest buyer this week was Vietnam at
79,696 bales, followed by Pakistan at 29,117 bales.
First notice day for the May contract is Friday, April 24. Its delivery
period runs through May 6.
Also tomorrow, 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.
Crude oil was higher today as the U.S. and Iran maintained restrictions on
the flow of trade through the Strait of Hormuz. Although the U.S. extended a
ceasefire, Iran continues to disrupt traffic through the Strait of Hormuz. The
Strait carried about 20% of daily global oil and liquefied natural gas supplies.
For Thursday, July closed at 79.45 cents, up 81 points; December 2026 closed
at 80.68 cents, plus 52 points; and March 2027 finished at 81.56 cents, 53
points higher. Thursday's estimated volume was 78,440 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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