DTN Cotton Closing: Wobbling Sideways
DTN Cotton Closing: Wobbling Sideways

DTN Cotton Closing: Wobbling Sideways

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By Keith Brown, DTN Contributing Cotton Analyst 

Cotton futures posted a very muted session Monday as traders await Wednesday planting intention report, followed by Thursday’s export sales numbers. Additionally, participants are concerned the current human-rights quarrel with China may worsen. Over the weekend, China leveled sanctions on certain U.S. and Canadian individuals, along with several advocacy groups. For its part, the Biden administration is maintaining current tariffs on China.

The massive ship that was wedged in the Suez Canal has been freed. The Ever Given, one of the world’s largest container ships, became stuck in the waterway last Tuesday, blocking all traffic in one of the world’s busiest waterways. Around 50 ships, carrying everything from consumer products to cars to oil to animals, pass through the Suez Canal each day.

Cotton’s chart has sustained some damage for last week’s tumultuous collapse. At its peak on Feb. 25, the market was ranked at plus 5, very bullish. But as of Monday’s settlement, that ranking will stand at zero, obviously neutral. To that end, speculators have exited the huge net-long position and currently stand at 59,000 contracts net long. They will need improving fundamentals to pad their position.

Monday, May cotton closed at 80.49 cents, up .11 cent; July settled at 81.60 cents, up .19 cent; and December ended at 78.65 cents, down .09 cent. Monday’s estimated volume was 22,918 contracts.

Πηγή: Agfax

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