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DTN Closing Cotton 04/15 13:42
Cotton Sidesteps Exports, Ends Higher
The cotton market was able to slough off what some traders considered to be
a weaker export-sales report to close higher for the day and the month.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was able to slough off what some traders considered to be
a weaker export-sales report to close higher for the day and the month.
Thursday's export-sales, although decent business, did report sales of 122,000
bales versus last week's 270,000 bales sold. Also, China was not seen in the
buying mix, further adding a touch of bearishness. Nonetheless in the last hour
of trading, future contracts representing both crop years did post new monthly
highs.
Spot May cotton will enter into its delivery period on Monday, April 26.
That means virtually any and all spot month participants must liquidate, or
liquidate and roll to the July Contract. May cotton will expire on May 6.
Friday the CFTC will issue its latest commitment-of-traders report. Given
the recent rise in prices, some traders expect to see an increase in bullish
positions of certain managed-money speculators.
Heading into Friday's session, May cotton is up 3.78 cents on the week, 4.14
cents for the month and 6.32 cents for the year.
May cotton closed at 85.02 cents, up 0.82 cent, July settled at 86.26 cents,
up 74 and December ended at 83.08 cents, up 0.37 cent; estimated volume was
55,445 contracts.
Keith Brown can be reached at commodityconsults@gmail.com or by calling
(229) 890-7780.
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