DTN Cotton Close: Higher, but Becoming Volatile
DTN Cotton Close: Higher, but Becoming Volatile

DTN Cotton Close: Higher, but Becoming Volatile

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By Keith Brown, DTN Contributing Cotton Analyst

Spot cotton posted new highs Tuesday, trading above $1.20 today for the first time since June 2011. Old crop continues to trade out the fundamentals of a smaller 2021 crop and lower carryout. In addition, the market has seen robust weekly sales and shipments. All of its positive action was done in the fact of the Dow trading some 600 points lower.

The market is hoping to see improvements in the shipping logistics situation and trying not to think about the possibility of cancellations. To that end, there have been some fears that if cotton cannot be timely shipped, China may cancel some purchases. To date, that has not happened.

The U.S. dollar revived higher Tuesday. Currency traders are anticipating next week’s meeting of the Federal Reserve to be the kick-off of higher interest rates.

Wednesday, the market will see monthly Housing Starts from the Commerce Department. Increased new home building could reflect greater commercial demand for cotton.

Tuesday, March cotton settled at 121.08 cents, up 1.38 cents, July ended at 114.66 cents, up 1.30 cents and December finished at 97.84 cents, 1.01 cents higher; estimated volume was 30,739 contracts.

Πηγή: Agfax



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