| |
DTN Morning Cotton Commentary 05/06 07:19
Cotton Market Falls on Possible U.S.-Iran Deal
The cotton market is triple-digits lower this morning, smacked down by the
news of a possible U.S.-Iran settlement.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market is triple-digits lower this morning, smacked down by the
news of a possible U.S.-Iran settlement. Supposedly, the two sides are close to
a deal. With that, the energy complex massively declined, taking most
commodities markets, including cotton, significantly lower in its wake.
Spot May contract saw 10 notices issued today. Thus far, 311 notices have
been issued, with May's delivery period expiring today upon the end of trading.
Thursday, USDA will issue its weekly export sales. Last week saw current
season sales of 162,000 bales, up 36% weekly. Shipments were 384,000 bales,
plus 30%.
On Friday, the CFTC will update its Commitment of Traders information. Last
week, the report showed that the managed-money funds bought some 3,800
positions, strengthening their net-long carry to 38,355 contracts.
Chart support for July cotton stands at 82.00 cents and 81.50 cents, with
resistance around 85.00 cents and 85.50 cents. Wednesday morning's estimated
volume is 34,100 contracts.
Keith Brown can be reached at commodityconsults@gmail.com or by calling
(229) 890-7780.
(c) Copyright 2026 DTN, LLC. All rights reserved.
DTN offers additional daily information available free through DTN Snapshot – sign up today.
|
|
