By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market finished Thursday’s session with the old crop in negative territory, but the new crop actually finished higher. Thursday morning’s weekly sales of roughly 60,000 was considered negative, but marketing-year high shipment amount was thought to have been a more positive influence at least for the July Contract. Of course, the May Market is within two weeks of its delivery, so traders are rolling out of it into other months.

For Friday’s supply-demand report, the average trade guess has domestic ending stocks at 3.54 million bales, slightly higher than the March data of 3.50 million bales. Global stocks are expected at 82.64 million bales, from the 82.57 million reported in March.

The Texas drought seems to have tightened its grip. There is no forecast rain over this weekend, however, the Six- to 10-day model does show some potential for normal precipitation for West Texas. Yet the eight- to 14-day forecast somewhat overshadows that precipitin hope, as it suggests a return to below-normal precipitation.

Thursday, May cotton settled at 133.20 cents, down 2.49 cents, July closed at 131.40 cents, down 1.20 cents and December finished at 114.69 cents, 0.19 cent higher; estimated volume was 66,465 contracts.