The cotton market was able to find a late round of buying interest, leading to a higher close.

Comments:

A late round of noncommercial buying provided support to cotton, leading to a higher close for the day. This buying was triggered by an abrupt sell-off in the U.S. dollar index following the announcement by the Federal Reserve that there would be an interest rate hike this month. Fundamentally, the market looks to be anticipating a more bearish round of weekly export shipment numbers in Thursday morningΆs reports. Last week saw the inverse in the May-to-July futures spread weaken.

General Comments:

May cotton closed 0.08 higher at 58.32 with new-crop December up 0.25 at 57.94. May corn closed 1/4 cent lower, May soybeans finished 2 1/2 cents higher, and May Chicago wheat closed 6 1/2 cents lower. The U.S. dollar index fell 0.941 after the Federal Reserve left interest rates unchanged. April gold rallied $30.00 to $1,261.00 while May silver was $0.379 higher and May copper was up $0.0270. The Dow Jones Industrial Average was 91 points higher at 17,342. April crude oil was $2.16 higher at $38.50.