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DTN Closing Cotton 05/01 13:33
Cotton Has a Lackluster Session
The cotton market was somewhat lower Thursday amid first-of-the-month
disinterest.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was somewhat lower Thursday amid first-of-the-month
disinterest. Early on, weekly export sales were unenthusiastic, and the lack of
serious trade deals caused traders to slant negatively with their dealings.
Highlights from Thursday's report include net sales of 108,363 bales for
2024/2025 and 32,912 for 2025/2026. Cumulative sales reached 107% of USDA's
forecast versus a five-year average of 106%. Shipments for the week totaled
365,978 bales, up from 292,153 the previous week and ahead of the five-year
average of 346,181.
Spot May cotton saw no deliveries Thursday. Thus far, there have been nine
notices issued. Delivery period will run through May 7.
Friday at 8:30 a.m. EDT, the Labor Department will issue its monthly jobs
report. Estimates call for the non-farm payrolls to be 129,000 jobs.
Also, Friday at 3:30 p.m. EDT , the CFTC will update its Commitment of
Traders standings. Last week, the managed-money funds had bought 4,900
contracts to reduce their net-bearish carry to some 37,000 positions.
For Thursday, May cotton settled at 65.61 cents, down 16 points; July cotton
ended at 65.66 cents, minus 36 points; and December finished at 67.43 cents, 36
points lower. Thursday's estimated volume was 29,258 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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