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DTN Closing Cotton            03/22 14:53

   Cotton Eases Back a Second Day

   May cotton closed down 0.44 cent Thursday, pulling back a second day as 
outside concerns of a falling stock market and trade issues with China 
countered bullish concerns of adverse weather. Extreme drought in northern 
Texas remains a concern for 2018 production.

By Todd Hultman
DTN Analyst

   May cotton prices pulled back a second day on Thursday, closing down 0.44 
cent at 82.15 cents on light volume. The market is dealing with ongoing 
concerns of extreme drought in northern Texas and too much rain around the 
Mississippi Delta, while southern Georgia remains on the dry side. Thursday's 
seven-day forecast only adds fuel to those concerns, with warmer temperatures 
quickly evaporating any light precipitation on the way to northern Texas, while 
more heavy rains are headed to the Mississippi Delta. U.S. cotton export sales 
are doing well in 2017-18, provided they are shipped before Aug. 1. USDA's next 
weekly report will be released Friday morning, due to this week's winter storm 
in the eastern U.S.

   Technically speaking, May cotton remains in an uptrend with overwhelming 
support from noncommercial buyers, seen as 90% long in the CFTC's most recent 
report for Mar. 13. That degree of bullishness among speculators remains a 
bearish concern, should May prices fall below support at 76.44 cents.

   The ICE daily stocks report showed certified stocks down 6,543 on Wednesday 
at 62,624. 

   In cash online trading, The Seam showed 8,436 bales sold Wednesday at an 
average price of 66.28 cents. Average loan value was 45.90 cents and 91,970 
bales were offered. 

   The Cotlook A Index of world values for Wednesday, Mar. 21 was up 1.70 cents 
to 92.45 cents, putting the premium over the May futures settlement at 9.86 

   Todd Hultman can be reached at 

   Follow Todd Hultman on Twitter @ToddHultman1


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