DTN Closing Cotton            04/27 13:35

   Cotton Settles Higher Monday Amid Drought Fears and Low Volume

   The cotton market settled higher today, but was technically unconvincing, 
nonetheless. Today's volume was the lowest in recent months, and the market 
never really challenged last week's top of 82.60 cents. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market settled higher today, but was technically unconvincing, 
nonetheless. Today's volume was the lowest in recent months, and the market 
never really challenged last week's top of 82.60 cents. Traders will continue 
to assess forthcoming weather forecasts and other future speculative 
participation for price influences.  

   Spot May Contract is in delivery. With that, there were 38 notices tendered 
for today. Its delivery period runs through May 6th. 

   This afternoon at 4 p.m. EST, USDA will issue the latest crop progress 
numbers. Last week the US cotton Crop was reported at 11% planted, in line with 
the five-year average. 

   The Climate Prediction Center has upped its drought reading for the US 
Cotton Belt from 97% to 98%. With that, the six-to-ten-day map (May 2 to May 6) 
shows below-normal to much-below normal temperatures for Texas, the US Delta, 
and for the Southeast. Rain wise, Texas looks to have normal chances, as does 
the Delta, but the Southeast has above-normal odds. 

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

   For today, July closed at 79.58 cents, up 22 points, December 26 closed at 
80.97 cents, plus 39 points, and March 2027 finished at 81.88 cents, 42 points 
higher. Monday's estimated volume was 39,651 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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