DTN Closing Cotton            04/30 13:50

   Cotton Market Posts New Contract Highs Thursday

   The cotton market posted new contract highs today.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market posted new contract highs today. Traders saw a weaker U.S. 
dollar, an unresolved drought, decent export sales and a determined uptrend as 
reasons to buy. Tomorrow starts a new month, but April saw a near nine-cent 
gain.

   Highlights from today's export sales report include net sales of 162,879 
bales for the 2025/26 (current) marketing year and net sales of 105,747 for 
2026/27. The combined seasonal total was 268,626 bales, up from last week's 
177,025 bales sold. Cumulative sales have reached 95% of USDA's forecast versus 
a five-year average of 103% for this point in the marketing year.

   Spot May contract is in delivery. Today there were zero notices issued. Thus 
far, 178 notices have been issued. May's delivery period runs through May 6.

   Tomorrow at 3:30 p.m. EDT, the CFTC will update its Commitment of Traders 
information. Last week, the report showed that the managed-money funds bought 
some 17,000 positions, strengthening their net-long carry to 34,464 contracts.

   Crude oil prices were lower today after notching a four-year high Wednesday. 
Thus, some end-of-the-month squaring occurred today. Nonetheless, some traders 
expect renewed military action against Iran, as President Trump had earlier 
rejected a proposal by Tehran to reopen the Strait of Hormuz with contingencies.

   For Thursday, July closed at 82.20 cents, up 300 points; December 2026 
closed at 82.87 cents, plus 241 points; and March 2027 finished at 83.69 cents, 
232 points higher. Thursday's estimated volume was 89,554 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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