DTN Closing Cotton: Cotton Ends Mixed Friday
DTN Closing Cotton: Cotton Ends Mixed Friday

DTN Closing Cotton: Cotton Ends Mixed Friday

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market finished this week mixed, as July was lower in deference to the poor weekly export sales, while December was higher on the positive production outlook presented by USDA on Thursday. In that report, government tabulators lowered both production and ending stocks for the 2022 season. However, actual planted acres will not be reported till the end of June.    

U.S. cotton export sales for the week ending May 5 came in at 27,505 bales for the 2021-22 (current) marketing year and 90,648 for 2022-23 for a total of 118,153. This was down up from the previous week's total of 325,530 and the lowest since April 2021. Last week's number was the highest since March 24.    

The one- to five-day forecast calls for light rainfall in central Texas, but scant chances for the western part of the state. The six- to 10-day forecast is showing below-normal chances of rain, as well as the eight- to 14-day outlook. Temperatures are expected to remain above normal.    

Friday afternoon, the CFTC will publish its traders updates. Market participants will be keying in on the status of the managed-money funds. Last week they had increased their net long position to 72,695. It will be interesting to see where they currently stand.    

For Friday, July cotton settled at 145.20 cents, down 0.33 cent, December closed at 127.99 cents, up 0.32 cent and March 2023 finished at 122.82 cents, 0.47 cent higher; estimated volume was 20,477 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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