DTN Cotton Close: Market Finishes Lower
DTN Cotton Close: Market Finishes Lower

DTN Cotton Close: Market Finishes Lower

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By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market ended Wednesday lower to sharply lower, with the old crop contracts taking the most of the bearish brunt. Fears that rising rates will usher in a recession, a stronger dollar, and the potential for a slowing Chinese economy all were negative influences. The market was also negatively affected by falling energy prices.

Thursday morning, USDA will issue its weekly export sales. Last week combined seasonal sales were 370,000 bales, while exports were 310,000 bales. Traders are hoping to see superior numbers Thursday.

For Friday’s supply-demand update, the average trade guess has U.S. ending stocks at 3.54 million bales. If realized, the amount would be up from the 3.50 million bales level seen in March. World ending stocks are expected at 82.64 million bales, again slightly higher than the 82.57 million reported in March.

West Texas looks demonstratively dry for the next five days. Texas growers have been advising us that the constant, strong winds have their negative effect on both the topsoil and subsoil moisture levels. Currently, the Six- to 10-day models show normal precipitation for West Texas, but the eight- to 14-day forecast suggests a return to below-normal precipitation.

Wednesday, May cotton settled at 135.69 cents, down 1.84 cents, July closed at 132.60 cents, down 1.37 cents and December finished at 114.50 cents, 0.32 cent lower; estimated volume was 44,335 contracts.

Πηγή: Agfax



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