By Keith Brown, DTN Cotton Correspondent
The cotton market finished lower as traders revisited last week’s bearish USDA reports and promptly decided the information was bearish.
Outside political and economic news provided no support to cotton, as it seems a fuss is brewing in Washington as to how, when, where to re-open the U.S. economy.Thus, the Dow Jones was triple-digit lower all day.
The majority of other commodities were lower as well. Even a coordinated cut to global oil production hardly made a dent in the falling energy markets.
Monday afternoon, USDA will issue its second planting progress data for the season. Last week saw plantings less than 10% complete, with south Texas having the majority of that activity.
Into Monday morning there was some sizable thunderstorms coming across the southeast. Although much-needed rain did fall, it was not without troubles. At one time, some 1.30 million customers lost power across both Carolinas.
In other developments, the U.S. dollar was measurably lower Monday, as certain segments of the European Union announced they are reopening their respective economies.
World currency traders weigh the various political and economic events transpiring across the globe to base their buy-and-sell decisions. Currently, with the U.S. is seemingly suffering the worst from coronavirus and the dollar is catching much more selling.
May cotton closed at 52.76 cents, down 1.61 cents, July finished at 53.07 cents, off 1.33 cents and December ended at 55.32 cents, down 0.64 cent. Estimated volume was 47,071 points.