DTN Closing Cotton: Cotton Ends Monday Sharply Higher
DTN Closing Cotton: Cotton Ends Monday Sharply Higher

DTN Closing Cotton: Cotton Ends Monday Sharply Higher

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market touched limit up in the old crop and support from outside financials and short-covering caused the ICE Futures to trade higher. There seems to be a change in sentiment among financial traders as the Silicon Valley Bank was bought out by another lender. That positive feeling apparently spread to other markets. Of course, cotton is looking at an influential report this Friday with planting intentions.    

As mentioned, USDA will issue its 2023 prospective plantings on Friday. The average trade guess is 11.0 million acres, with a range of 10.5 to 12.7 million. Last year the number was 13.8 million. That report will be out March 31.    

As Friday approaches, it is worth noting that cotton is about to forge its fourth consecutive lower closing quarter. Last quarter, that October-November-December, saw a settlement at 83.37-cent options on the May contract will expire on April 14, or 18 days. Crude oil prices were higher today amid the plans of Russian President Vladimir Putin to station tactical nuclear weapons in Belarus. It's the first time since 1997 that Russia has placed nuclear weapons outside of its borders. In addition, energy prices also rose after Iraq was forced to halt some of its crude exports from its semi-autonomous Kurdistan region due to a contractual dispute with Turkey. About half a percent of global oil supply, or 450,000 barrels per day (bpd), of crude exports come from Kurdistan.    

Monday, May 2023 finished at 79.52 cents, plus 2.98 cents, July settled at 79.99 cents, up 2.82 cents and December 2023, ended at 80.75 cents, 2.35 cents higher; estimated volume was 38,929 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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