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DTN Closing Cotton 04/19 13:30
Cotton Squeaks Higher
The cotton market experienced a slight reprieve on Friday.
Keith Brown
DTN Contributing Cotton Analyst
After being pulverized all week, and then some, the cotton market
experienced a slight Friday reprieve. Buyers were mainly covering shorts and/or
bottom-pickers trying to find that magical low.
At 3:30 p.m. CDT Saturday, the CFTC will update its Commitment-of-Traders
data. Last week saw net sales of 18,000-plus contracts by the managed-money
funds. The result was a reduction in their net long position to 62,000
contracts. At one time, they were net long some 100,000 contracts.
Spot May will enter its delivery period next week (April 24th). Coming into
today's trade, the open interest for the May contract stands at 19,200. In
addition, ICE exchange stocks have reached 166,190 bales, which is the highest
they have been since June 2021.
Crude oil is set to post a weekly loss, despite the political troubles
unfolding in the Middle East. U.S. crude and European Brent have dropped some
3% and 3.4%, respectively, since last Friday. Moreover, now that Israel has
responded with limited incursions in Iran, market sentiment has shifted from
fear to relief.
Today, May Cotton settled at 78.69 cents, up 59; July was 81.02 cents, plus
41; and December finished at 77.55 cents, 14 points higher. Today's estimated
volume was 57,610 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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