By Keith Brown, DTN Contributing Cotton Analyst
The cotton market recovered previously lost ground Tuesday as it followed the Dow Jones and related outside markets higher. The Dow, which we consider to be the nation’s “financial cheerleader” was up over 500 points, after wildly succumbing to this past weekend’s omicron fears. In its bearish wake, it took many other markets lower.
Information-starved cotton traders are greatly anticipating Thursday export-sales data. Last week saw decent sales, but stronger exports. Still a huge ongoing hindrance for the industry has been the continued supply-chain crisis. It has been stifling actual shipments.
This Thursday, traders will see a plethora of various economic reports. They range from new home sales to personal income to durable goods, to jobless claims, to mention the major ones. However, each data point will have its impact on the U.S. economy, and therefore affect the price of cotton.
Tuesday, March cotton settled at 107.27 cents, up 1.73 cents, July ended at 102.36 cents, up 0.89 cent and December ended at 89.91 cents, 0.34 cents higher; estimated volume was 18,518 contracts.
Source: Agfax