DTN Cotton Close: Market Suffers Session Without Direction
DTN Cotton Close: Market Suffers Session Without Direction

DTN Cotton Close: Market Suffers Session Without Direction

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Το περιεχόμενο του άρθρου δεν είναι διαθέσιμο στη γλώσσα που έχετε επιλέξει και ως εκ τούτου το εμφανίζουμε στην αυθεντική του εκδοχή. Μπορείτε να χρησιμοποιήσετε την υπηρεσία Google Translate για να το μεταφράσετε.

By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market finished slightly lower Monday in a session that can only be described as directionless. For most of the day, the ICE futures seesawed up and down in a very boring trade. Traders were torn between seeing the adverse field conditions, which are just now gripping the Southeast versus the much-improved weather unfolding across West Texas.

Although that area remains in a deep drought status, the episodes of rain have become more numerous, and the hot temperatures have somewhat abated. To that end, this afternoon USDA will report on the planting progress of the 2021 crop. Some Traders expect about half the total crop will have been planted.

The energy complex was sharply higher Monday on the notion travel will be heavy this Memorial Day weekend. It is estimated some 37 million cars will be in use from this Thursday through next Tuesday on America’s highways. With a third of the U.S. population having at least one COVID-19 shot, a stir-crazy nation is looking to be on the move. Thus, demand for energy will be atypical for this spring and summer.

The most recent weather forecasts from the National Weather Service, that is the six- 10-day and the eight- to 14-day, indicate normal to below normal temperatures and normal to above normal rain for the West Texas area. For the Southeast, the outlooks suggest below normal to normal precipitation, but above normal temperatures.

Monday, July cotton closed at 82.82 cents, December settled 83.29 cents, plus 0.07 cent and March 2022 ended at 83.12 cents, up 0.15 cent; estimated volume was 16,824 contracts.


Πηγή: Agfax

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