DTN Cotton Closing: Cotton Ends Up
DTN Cotton Closing: Cotton Ends Up

DTN Cotton Closing: Cotton Ends Up

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By Keith Brown, DTN Contributing Cotton Analyst

The cotton market received bullish news Friday in USDA’s April crop reports. The highlights included increasing exports 250,000 bales to 15.75 million from the previous 15.50 million. That adjustment resulted in lower ending stocks under 4.0 million bales to now stand at 3.90 million. The July market posted a new high for the move from its March 26 bottom, but then prices waned towards the close. It wasn’t exactly a buy-the-rumor-sell-the-fact moment, but it felt like one. 

The U.S. dollar was up Friday as certain COVID-19 variants are increasing in the U.S. For some reason, any sort of national trouble or threat tends to rally the dollar. Previously, the Dollar had declined as the Federal Reserve indicated a dovish stance towards interest rates.

The CFTC will issue its latest traders information Friday afternoon. Bullish cotton traders hope to see a big uptick in the net long positions of managed-money funds.

For the week, May cotton is up 4.45 cents; for the month, 1.52 cents higher, and thus far this year, it is 3.70 cents higher.

Friday, May cotton closed at 82.40 cents, up 0.99 cent, July settled at 83.74 cents, up 1.08 cents and December ended at 81.78 cents, up 0.66 cent; estimated volume was 52,595 contracts.

Πηγή: Agfax

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