The cotton market sloughed off record bearish weekly sales numbers and hugely bearish supply and demand data to close nearly unchanged to higher.
Thursday morning’s sales report saw enough cancellations from China to negate all other positive buying for other customers. However, within that same report, USDA did report record high shipments, which was something of an offset. However, then USDA issue supremely bearish supply and demand numbers.
Domestic ending stocks shot up 1.5 million bales, and now stand at 1.50 million. World carryout zoomed over 91 million bales, as Chinese imports and use were dramatically lowered. Yet, also Thursday morning, the Fed Reserve announced some sort of $2 trillion extra stimulus, which traders and investors at large took as a big economic positive.
Friday the markets are closed for Good Friday/Easter. Trading will resume Sunday night, but planting progress numbers are pushed back to Tuesday afternoon, and weekly exports-sales are delayed till Friday.
For the week, spot May cotton is up 3.94 cents and 3.86 cents for the month. Otherwise, May cotton ended at 54.96 cents, up 0.59 cent, July finished at 54.40 cents, up 0.46 cent and December settled at 55.96 cents, up 0.59 cent. Thursday’s estimated volume is 53,625 contracts.