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DTN Closing Cotton 03/28 13:57
Cotton Muted Thursday Despite Fewer Acres
The cotton market ended somewhat higher Thursday, even though 2024 acres
estimated by USDA were less than expected. The market also saw decent export
sales Thursday.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market ended somewhat higher Thursday, even though 2024 acres
estimated by USDA were less than expected. The market also saw decent export
sales Thursday.
USDA reported the 2024 Prospective Plantings at 10.70 million acres for all
cotton, with 10.5 million Upland. The average trade guess was 10.95 million.
Corn acres were less, at 90 million, but soybeans were spot-on at 86.50 million
acres.
Friday at 3:30 p.m. EDT, the CFTC will update its Commitments of Traders
report. The managed-money funds have been net sellers for the past two weeks,
resulting in their net-long position to decline to 89,500 contracts. The record
net long is supposedly 101,800 contracts.
The market is closed Thursday for the Good Friday observance, and will
reopen Sunday night at 9 p.m. EDT.
Friday, the Labor Department will issue its PCE inflation index. The report
supposedly focuses on consumer spending patterns and is closely watched by
central bank analysts.
Thursday, May cotton closed at 91.38 cents up .61 cent; July was 91.97
cents, plus .53 cent; and December finished at 83.99 cents, .65 cent higher.
Thursday's estimated volume was 43,821 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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