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DTN Closing Cotton 04/26 13:43
Cotton Market Plays "Spin the Wheel"
The cotton market traded "both sides" of Friday's close in a very narrow
range.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market traded "both sides" of Friday's close in a very narrow
range. Volume was also reflective of slow numbers. The market is attempting to
"flatten out" or coalesce around the 80-cent mark, after its steep and vicious
decline for much of April.
This afternoon at 3:30 p.m. EDT the CFTC will update the status of the
managed-money funds. Last week saw that speculative group had liquidated some
26,000 contracts, reducing their net long position to roughly 36,000 contracts.
There were 147 notices tendered against the Spot May contract. That brings
total deliveries to some 210 contracts. The May contract expires on May 8th.
On Monday, USDA will update the planting progress for the 2024 crop. Last
week's reading was 11%, replicating its 5-year average for the same time
period. The report will be out at 4 p.m. EDT.
The market will soon conclude its trading for April next Tuesday. Bullish
speculative funds, as well as growers, have been financially hurt by the
market's counter-seasonal behavior.
Today, May Cotton settled at 7940 down 18, July was 8090 minus 18, and
December finished at 7731, 33 points lower. Today's estimated volume was 22,691
contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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