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DTN Cotton Close

DTN Closing Cotton: Cotton Higher On Technicals

April 17, 2023

The cotton market was sharply higher Monday based on several technical considerations. 

The cotton market was sharply higher Monday based on several technical considerations. One was the fact the market closed through a major down-trendline connecting the January high to the March high. Another may be that the managed-money funds may be tired of being bearish, as evidenced by their reduced net-short position as reported in last Friday's Commitments of Traders data.

Monday afternoon USDA will issue its weekly Crop Progress report. Last week the 2023 crop was 6% planted. The ten-year average is near that level.

Next Monday commences the delivery period for spot May cotton. Participants must vacate the May contract by Friday's close to avoid its First Notice Day April 24.

The U.S. Dollar edged higher Monday after the April survey of business activity in New York State increased for the first time in five months. The Empire State Manufacturing index zoomed to plus 10.8% from its minus 24.6% reading in March and was far higher than expectations of minus 18% expected by economists. Naturally such strength will justify another interest rate hike at the Federal Reserve's next meeting in May.

Today, May 23 finished at 82.30 cents, plus .44 cent, July settled at 83.28 cents, up .35 cent, and December 23 ended at 82.88 cents, 8 points higher. Today's estimated volume was 41,503 contracts.

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