DTN Closing Cotton: Cotton Up, Strong Exports
DTN Closing Cotton: Cotton Up, Strong Exports

DTN Closing Cotton: Cotton Up, Strong Exports

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Keith Brown DTN Contributing Cotton Analyst   

The cotton market was sharply higher Thursday as another positive export-sales report sent the shorts scurrying, while encouraging new buyers. The market entered Thursday's session slightly oversold as it was sharply lower Wednesday. Moreover, the managed-money funds were toting a deep net-short position, thus to some extent, the market was primed for a snap up.    

Friday morning, the Labor Department will release its monthly jobs report. Current estimates are calling for 180,000 new jobs. However, lately, U.S. job growth has been slipping in recent months.    

Also on Friday, the CFTC will release its Commitment of Traders report. Last week's data saw the managed-money funds nearly double their net short position to 20,000-plus contracts.    

The immediate weather pattern for West Texas is stacking up to be a wet one. The six- to 10- and the eight- to 14-day outlooks hold above-normal chances for rain in the modeling.    

There were zero deliveries on the May futures. That contract expires this Monday, May 8.    

Thursday, May 2023 finished at 79.99 cents, plus 3.00 cents, July settled at 81.76 cents, up 3.00 cents and December 2023 ended at 81.40 cents, 2.36 cents higher. Estimated volume was 43,035 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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