DTN Cotton Closing: Gaining Support

Cotton harvest. ©Debra L Ferguson

Cotton Gains Support Monday

Cotton futures gained moderate to firm support as traders entered the month of June.

Cotton futures gained moderate to firm support as traders entered the month of June.

The feeling that the worst of the coronavirus pandemic may be behind us and new hopes of additional domestic and export demand over the next few weeks could be the reason for Monday’s gains.

Uniformed weakness in the grain markets and most ag commodities had little impact on creating any bearishness through the cotton complex.

July futures posted a strong gain of 2.47 cents, moving above 60 cent per cwt for the first time since the pandemic took hold in mid-March. Although other 2020 contracts posted less aggressive support, the uniform focus on higher prices helped set the tone for potential follow-through gains through the week.

There continues some uncertainty due to the heightened tension with China, but for the time being, traders seem to have holding onto firm buyer interest as they look to continue to move away from recent price support levels.

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