DTN Closing Cotton            04/28 13:31

   Cotton Market Edges Higher as Cooling Trend Continues

   The cotton market continues its cooling off period with a slightly higher 
close today. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market continues its cooling off period with a slightly higher 
close today. Some traders suggest that something of a correction is necessary 
toward improving the overall health of the upside move. That is, cotton has 
gone up 1,400 points, for six consecutive weeks, with no retreat or 
retracement. Some selling is unfolding as the market approaches the end of the 
month.

   The Federal Reserve meets today and will announce any change to U.S. 
monetary policy on Wednesday at 2 p.m. EDT. Currently, no change is expected in 
interest rates.

   Crude oil shot above $100 per barrel today as confusion reigns as to who 
actually controls the Strait of Hormuz. The U.S. is mulling a proposal from 
Tehran that would reopen the Strait of Hormuz, but delay any talks on nuclear 
power.

   This Thursday, USDA will issue fresh export sales. Last week, net sales were 
120,000 bales, off 26% weekly, while shipments were 296,000 bales, down 3% week 
over week.

   For Tuesday, July closed at 79.67 cents, up 9 points; December 2026 closed 
at 81.11 cents, plus 14 points; and March 2027 finished at 82.01 cents, 13 
points higher. Tuesday's estimated volume was 34,598 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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