DTN Cotton Close: Market Ends Sharply Higher
DTN Cotton Close: Market Ends Sharply Higher

DTN Cotton Close: Market Ends Sharply Higher

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By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market closed sharply higher Wednesday amid a perfect storm of converging fundamentals. For starters, the trend is bullishly compelling, next, USDA adjusted the 2021 crop lower, then India lowered its production, and lastly, growers are having a sticker shock over the cost of new crop inputs. Combining those situations somewhat points to less acres, less production, and thus high prices.

Spot March traded nearly to $1.25 Wednesday, which is its highest continuous trade since June of 2011. Of course, the 2010-11 season was the market that posted the all-time high for cotton prices of $2.27 per pound.

Thursday’s weekly export sales have been delayed to Friday as the government observed the MLK holiday on Monday. Last report showed sales at 400,000 plus bales, and shipments at 167,000. Both numbers were higher than the previous week’s business.

Wednesday, March cotton settled at 123.95 cents, up 2.85 cents, July ended at 117.31 cents, up 1.34 cents and December finished at 99.18 cents, 1.34 cents higher; estimated volume was 36,049 contracts.

Πηγή: Agfax



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