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DTN Closing Cotton 05/03 13:45
Cotton Finally Snaps Higher
After being nearly bludgeoned to death for much of April, the cotton market
finally was able to trade sharply higher Friday.
Keith Brown
DTN Contributing Cotton Analyst
After being nearly bludgeoned to death for much of April, the cotton market
finally was able to trade sharply higher Friday. In fact, at one instance, old
crop July cotton hit limit-up status. The main driver for Friday's recovery was
essentially short-covering on a Friday, along with a few bargain hunters.
This afternoon, the CFTC will update its Commitments of Traders report. The
net change of the managed-money funds will be keenly watched. Last week's
report revealed the group had sold over 26,000 contracts, reducing their
net-long position to 9,501 contracts.
On Monday, USDA will present the latest planting progress pace for the 2024
crop. Estimates suggest the crop will approach 25% planted.
At the conclusion of Friday's session, July cotton settled 296 points lower
on the week, was off 37 points on the month, and is down 477 points on the
year.
There were zero notices Friday against the spot May contract. Thus far,
there have been 411 notices rendered against the spot May contract. It expires
on May 8.
Friday, July was 78.06 cents, up 2.44 cents; December finished at 75.97
cents, 1.79 cents higher; March 2025 was 77.36, up 174 points. Friday's
estimated volume was 57,839 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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