DTN Closing Cotton            05/05 13:35

   Cotton Breaks February 2024 High; Traders Eye Trump/Xi Talks

   As a consequence of its current 1,900-point up move, the cotton market today 
hurdled its February 2024 high of 85.25 cents. 

Keith Brown
DTN Contributing Cotton Analyst

   As a consequence of its current 1,900-point up move, the cotton market today 
hurdled its February 2024 high of 85.25 cents. Speculators continue to whittle 
away at the upside as most fundamentals and technical aspects support higher 
prices. With that, traders are anticipating good things to emerge from next 
week's Trump/Xi trade talks.

   Spot May contract saw 123 notices issued today. Thus far, 301 notices have 
been issued. However, May's delivery period will expire Thursday with the 
settlement.

   USDA issued its weekly Crop Progress report Monday. Its data showed that 21% 
of the 2026 crop was planted, up from 16% the previous week and 20% a year ago. 
The five-year average for this date is 19%.

   The 6- to 10-day forecast (May 10-14) calls for slightly above-normal 
temperatures for west Texas, and near normal for the rest of the U.S. Cotton 
Belt. Rain wise, slightly above-normal chances for Texas, but much-above-normal 
opportunities for the Delta and the Southeast.

   For Tuesday, July closed at 84.80 cents, up 188 points; December 2026 closed 
at 85.27 cents, plus 159 points; and March 2027 finished at 86.10 cents, 154 
points lower. Tuesday's estimated volume was 56,602 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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