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DTN Cotton Close

Cotton Closes Sharply Higher

May 15, 2023

The cotton market was triple-digits higher Monday.

The cotton market was triple-digits higher Monday as most outside markets, including the grains, the energies, and the metals, were positive. Also, there was something of a bullish-delayed reaction by traders to Friday's positive supply-demand updates, as trade didn't want to flock long ahead of the weekend. To that end, the managed-money funds continue to proportionally cover more of their net-short position.

This afternoon at 4 p.m. EDT, USDA will issue its latest crop progress update. With that we note the current 1- to 5-day forecast calls for rains of five inches for some Southwest locations. The 6- to 10- and the 8- to 14-day outlooks indicate above-normal chances as well. 

Tomorrow the Commerce Department will report on U.S. Retail Sales. Analysts are expecting April Sales to be 4.2%, year-over-year, versus the previous 2.9%. 

Traders are anticipating Thursday's export sales report. Last week's numbers showed sales of 247,000 bales, but lower shipments. Still, China was the top player in the exports arena.

Monday, July settled at 82.37 cents, up 1.84, and the December 2023 contract ended at 81.78 cents, 163 points higher. Monday's estimated volume was 30,797 contracts.

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