DTN Closing Cotton            03/26 13:31

   Cotton Market Trades Triple-Digits Higher Thursday

   The cotton market finally let loose somewhat and traded triple-digits higher 
today.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market finally let loose somewhat and traded triple-digits higher 
today. Traders were actively short-covering old bearish positions, while others 
initiated new bullish ones. The potential drivers for today's rally were 
sharply higher crude, deepening drought conditions, a strong weekly shipment 
number, and the upcoming acres intentions.

   Highlights from today's weekly export sales data included net sales of 
202,444 bales for the 2025/2026 (current) marketing year and 27,017 for 
2026/2027. The total was 229,461, down from the previous combined number of 
318,912. Cumulative sales have reached 85% of USDA's seasonal forecast versus a 
five-year average of 97% for this point in the marketing year. Today's 
shipments totaled 400,552 bales, a new record for the year.

   Friday, the CFTC will issue its Commitment of Traders report. At last count, 
the CFTC reported that the managed-money funds were net short some 40,000 
positions, about one-half their record peak of 81,000-plus contracts. The 
report will be issued at 3:30 p.m. EDT.

   The White House announced today that the Trump/Xi trade meeting is now set 
for May 14-15. In addition, President Xi will visit Washington at a later day. 
Lastly, President Xi expressed understanding that President Trump had to 
reschedule the original meeting.

   For Thursday, July closed at 71.52 cents, up 119 points; December 2026 
closed at 73.64 cents, plus 101 points; and March 2027 finished at 74.63 cents, 
97 points higher. Thursday's estimated volume was 95,772 contracts.

   Keith Brown can be reached at [email protected]




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