DTN Closing Cotton: Cotton Lower Despite Export Sales
DTN Closing Cotton: Cotton Lower Despite Export Sales

DTN Closing Cotton: Cotton Lower Despite Export Sales

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market sloughed off a decent export-sales report from USDA, to press toward Monday's low of 76.60 cents. At the heart of this bearish market is too much farmer holding of last year's production, large carry-outs and fears of a global economic slowdown. Just Wednesday, the ECB raised European rates as well.    

Friday, the CFTC will issue its weekly Commitments of Traders data. The report will continue to show that managed-money traders remain net short of the market. supposedly, their last number was 13,653 contracts.    

Friday next week, March 31, USDA will publish its acres intentions survey for 2023 production. Several private groups are forecasting a sharp reduction in planted acres, perhaps as much as 20% or more, for the new crop market.    

The U.S. dollar was lower Thursday. In fact, the greenback is heading for its longest losing streak in two-plus years after the Federal Reserve signaled it may be close to ceasing its interest rate program. The Fed raised its benchmark funds rate by 25 basis points but retained the right to still raise rates if certain economic fundamentals dictate the need.    

Thursday, May 2023 finished at 77.58 cents, down 0.70 cent, July settled at 78.19 cents, down 0.70 cent and December 2023, ended at 79.26 cents, 0.55 cent lower; estimated volume was 27,392 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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