By Keith Brown, DTN Cotton Correspondent 

The cotton market finished Thursday slightly higher, although Thursday morning export sales report was flat-out bearish. Weekly sales, as reported by USDA, were a net negative number of -183,800 as most top U.S. customers canceled previously purchased supplies.

Their cancelations were due to those countries shuttering their mills as a means of controlling the coronavirus. However, they may also be willing to “renegotiate” the initial price paid in in the first quarter to levels more reflective of the current market situation.

As the market comes into Friday, spot May cotton is down 1.69 cents on the week, but up 1.69 cents for the month. However, it is still down nearly 15 cents for the year.

On Monday, USDA will report on the planting progress for the 2020 crop. Several episodes of much needed rain has recently moved across the Southeast, greatly enhancing field conditions. Of course, the message of the market is signaling less plantings. To that end, world seeding of cotton should decline as India remains in full national shut down mode.

May cotton closed at 52.79 cents, up 0.04 cent, July ended at 53.02 cents, up 0.22 cent and December settled at 54.96 cents, up 0.04 cent. Estimated volume was 31,250 contracts.