DTN Closing Cotton: Cotton Ends Monday Mixed
DTN Closing Cotton:  Cotton Ends Monday Mixed

DTN Closing Cotton: Cotton Ends Monday Mixed

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Keith Brown DTN Contributing Cotton Analyst    

After a frightful start to Monday's session, much of the cotton market was able to mitigate its losses, with spot May closing slightly higher. Initially Monday morning, there was talk of a huge setback for the Chinese economy amid its zero-tolerance policy of COVID-19 infections. Over the past few days, it has been reported that the Chinese government has shuttered a dozen or more towns and major cities. Naturally, such drastic action upends all facets of Chinese life.    

Monday afternoon, USDA will issue its weekly crop progress report. Last week saw the 2022 crop at 10% planted versus its five-year average of 9%. No doubt the dry field conditions across the Belt are allowing a fast-planting pace.    

Spot May cotton continues in its delivery period. Monday there were no notices tendered. The delivery period runs through May 9. Coming into Monday's trade, May cotton had an open interest of 829 contracts    

The U.S. Dollar Index posted another life-of-contract high Monday, as traders see a huge interest rate hike next month as inevitable. The Federal Reserve meets this first week in May to make that determination. Of course, higher rates are an anathema to the Dow Jones and, generally speaking, all commodities. The Index is approaching its 2020 highs.    

Monday, May cotton settled at 141.41 cents, up 1.95 cents, July closed at 135.41 cents, down 0.44 cent and December finished at 118.28 cents, 0.88 cent lower; estimated volume was 31,111 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com

Πηγή: qualitygin.com



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