DTN Cotton Close: Corrective Trade Day
DTN Cotton Close: Corrective Trade Day

DTN Cotton Close: Corrective Trade Day

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By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market was sharply lower Tuesday as top pickers and profit taking hit the trade. Last night saw the spot month post a 10-plus-year high of $121.67 as the trade factored in reductions in the Indian crop. Currently, it is reported that southern India is suffering from a heavy pink bollworm infestation, which is sharply lowering her production potential.

Looking ahead, this Thursday will see weekly export sales. Given shipments are being hampered by the global supply-chain crisis, it remains necessary that weekly sales maintain their robust pace. Last week saw sales of combined crop year sales of 380,800 bales sold. China was the top buyer with 206,700 bales, or roughly 54% of the total.

Wednesday, the Federal Reserve is expected to render a decision on whether to maintain its monthly bond purchases of $120 billion per month as a means of supporting the U.S. economy during the COVID-19 pandemic. The Fed has been saying for weeks that it plans to “taper” its stimulus, to which some traders see a hike in domestic interest rates as the next step in governing the economy.

For Tuesday, December settled at 117.25 cents, down 2.59 cents, March ended at 113.83 cents, down 1.20 cents and December 2022 ended at 92.16 cents, 0.40 cent lower; estimated volume was 56,214 contracts.

Πηγή: Agfax



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