By Keith Brown, DTN Contributing Cotton Analyst
The cotton market saw the old-crop contracts recover from Monday’s slam but witnessed new highs for the new crop. In fact, December cotton closed above the 1.05-cent mark, which is something of a milestone trade.
Wednesday, USDA will issue its latest supply-demand data for February. Current trade expectations call for slightly higher domestic ending stocks, but fractionally lower world carryout.
Thursday, the government will release weekly export sales. Last week saw strong sales and even stronger exports. The 300,000-plus bale shipments is hopefully a testament that the supply-chain crisis is seeing some alleviation.
Tuesday, March cotton settled at 127.15 cents, up 1.58 cents, July ended at 121.32 cents, up 1.03 cents and December finished at 105.35 cents, 0.92 cent higher; estimated volume was 65,963 contracts.
Source: Agfax