DTN Closing Cotton            04/14 13:32

   Cotton Dips Lower in Counter-Tuesday Pattern

   The cotton market was somewhat lower today in keeping with its time-tested 
"counter-Tuesday" phenomenon.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market was somewhat lower today in keeping with its time-tested 
"counter-Tuesday" phenomenon. That is, forever and a day, it seems, however the 
market ended on a Monday, it reversed itself the next day (Tuesday). Still, the 
current trend of cotton is glaringly positive.

   This Thursday, traders will see a new round of export sales from USDA. Last 
week's data showed net weekly sales were 319,000 bales, down 14%, while 
shipments were 342,000 bales off 4%.

   First notice day for the May contract is April 24. Its delivery period runs 
through May 6.

   Also, on Thursday and this Friday, traders will see fresh retail sales data 
and updated housing starts numbers. Both of those reports reflect a large 
portion of domestic demand for the cotton industry.

   The U.S. dollar, considered a safe haven in the ongoing Middle East 
conflict, posted its seventh straight decline today. Traders are sensing there 
may soon be a diplomatic breakthrough or capitulation with Iran. Major 
newswires reported that negotiations between Washington and Tehran were 
still alive, however with the U.S. closure of Hormuz, many analysts believe 
that "financial time" is running out for the Islamic Republic.

   For Tuesday, July closed at 76.52 cents, down 11 points; December 2026 
closed at 77.20 cents, minus 61 points; and March 2027 finished at 77.98 cents, 
61 points lower. Tuesday's estimated volume was 129,490 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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