DTN Closing Cotton: Cotton Down Amid Banks and Biden
DTN Closing Cotton: Cotton Down Amid Banks and Biden

DTN Closing Cotton: Cotton Down Amid Banks and Biden

A- A+
Το περιεχόμενο του άρθρου δεν είναι διαθέσιμο στη γλώσσα που έχετε επιλέξει και ως εκ τούτου το εμφανίζουμε στην αυθεντική του εκδοχή. Μπορείτε να χρησιμοποιήσετε την υπηρεσία Google Translate για να το μεταφράσετε.

Keith Brown DTN Contributing Cotton Analyst    

The cotton market was sharply lower Tuesday as new bank solvency jitters and Biden's announcement to seek another presidential term sent prices melting. Across the trading screens, most financial and commodities markets simply melted in place.    

Tuesday's Conference Board Index was the lowest seen in nine months. Traders were anticipating a virtual unchanged level of 104, but the new April reading stood at 101.3%.    President Biden wants to, in his works, finish the job, although polls on both sides indicate the majority of the country does not want him to run. He would be 86 years old at the conclusion of a second term.    

Traders have essentially priced in another rate hike from the Federal Reserve. However, the week after the central bank meets there will be fresh inflation data via the CPI and the PPI. If those reports identify worsening inflation, then additional rate increases are possible.    

Weather-wise, the five-day forecast shows heavy rains possible for central Oklahoma and north central Texas. In addition, the six- to 10- and the eight- to 14-day outlooks indicate above-normal chances for rain in West Texas.    

Tuesday, May 2023 finished at 77.00 cents, down 1.98 cents, July settled at 78.62 cents, down 2.07 cents and December 2023 ended at 79.37 cents, 1.91 cents lower. Estimated volume was 34,822 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

(c) Copyright 2023 DTN, LLC. All rights reserved.

Πηγή: qualitygin.com



Εγγραφείτε στο καθημερινό μας newsletter