DTN Cotton Close: Ends Higher on Dow Recovery
DTN Cotton Close: Ends Higher on Dow Recovery

DTN Cotton Close: Ends Higher on Dow Recovery

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By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market finished triple-digit higher Tuesday, as it awaits possible friendly supply-demand news Wednesday, but also with a sharp recovery in the Dow Jones. Earlier in the day, the U.S. elected to ban all Russian energy products, and that positive action took the Dow from 200 lower to 500 higher. The news also significantly pared the daily gains seen in the energy markets

Wednesday afternoon, USDA will issue its monthly crop report for March. Expectations call for increased exports, and thus reduced ending stocks. However, the more important number will be the global ending stocks.

There are other meaningful reports out this week, including Thursday’s weekly export sales from USDA, as well as the Commerce Department’s monthly CPI data. Then, on Friday, the CFTC will update the status of the managed-money funds. Presently, they are heavily net long.

Also Wednesday, March cotton will expire at its settlement price.

Tuesday, May cotton settled at 117.97 cents, up 1.03 cents, July ended at 115.53 cents, up 0.83 cent and December finished at 102.07 cents, 0.86 cent higher; estimated volume was 29,280 contracts.

Πηγή: Agfax



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