By Keith Brown, DTN Contributing Cotton Analyst
The cotton market was sharply lower Thursday as this week’s export sales from USDA didn’t even surpass triple-digits for sales. Weekly sales for the current crop year was a mere 77,000 bales. However, weekly shipments were slightly higher on the week. Nonetheless, the wobbly Chicago grains, as well as potential rains for the Lubbock area proved “fatal” for the ICE futures. The immediate forecast (one-five days) does indicate the possibility of 1/2-inch to 2 inches. Yet some analysts indicated even if that rain materializes, it would not be enough to break the drought. The eight to 14-day forecast continues to show scant rains.
Turkey announced Thursday that it is aiming for her first national shutdown due to experiencing the third wave of COVID-19. The country is a large and consistent importer of U.S. cotton; that is something to watch.
Spot May cotton remains in its notice period. To date, only 66 contracts have been tendered. May cotton expires on May 6.
Heading into the end of the month, July cotton is down 2.26 cents for the week, but up 4.37 cents on the month and 7.37 cents points higher on the year.
Thursday, July Cotton closed at 86.54 cents, down 2.98 cents, December settled at 83.84 cents, down 2.23 cents and March 2022 ended at 82.97 cents, down 1.98 cents; estimated volume was 29,604 contracts.Πηγή: Agfax