By Keith Brown, DTN Contributing Cotton Analyst
The December 2021 contract settled above the 90-cent mark for only the fourth time in its history. Speculators continue to “follow the money,” meaning the trend, and their buying of the small declines is keeping the trend heading north. Traders are also anticipating Thursday export sales. Thursday is the first report under the new-crop season.
Given the time of year, weather is supremely crucial to the crop. To that end, the latest six- to 10-day forecast has Texas with above-normal temperatures and below-normal rainfall. The Southeast looks to be above normal on temperatures and below-normal rainfall. In the extended eight- to 14-day, Texas appears to be above normal on temperatures and below-normal rainfall. The Southeast looks to be above normal on temperatures and below-normal rainfall.
Traders will also be assessing Friday’s jobs data. Wednesday’s private payroll from ADP was below expectations. Analysts were expecting some 650,000 payrolls, but the number was 330,000. That negativity may be a precursor to the unemployment number on Friday.
For Wednesday, December settled 90.31 cents, up 0.44 cent, March ended at 90.01 cents, plus 0.43 cent and December 2022 ended at 81.56 cents, 0.33 cent higher; estimated volume was 20,779 contracts.Πηγή: Agfax