Business activity in the United States unexpectedly rebounded
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Author: Vigotex
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Hi our beloved customers:
We would like to update cotton news by Vigotex:
- ICE 2023 Mar: Closed 80.92 c/lb, +0.67 cents;
- ICE 2023 July: Closed 82.37 c/lb, +0.02 cents;
- ICE 2023 Dec: Closed 82.12 c/lb, -0.13 cents;
- Estimated volume: 44,921 contracts.
The cotton market zoomed up and down the ladder, as spot March was squaring itself ahead of its delivery period. Other price drivers included a bearish Dow Jones, a solid U.S. dollar, and swinging energies and grains.
Wednesday marks the initial day of notices being issued against the March contract. The process runs through the contract's expiration, which is March 9.
Already are traders focusing on 2023 acres. A recent survey has planted acres near 11.4 million acres, versus the 13.8 million acres of last year. Mathematically, that suggests 2023 production at 16 million bales, plus or minus. Last year's crop was pegged at 14.7 million bales.
The U.S. dollar saw several positive and negative swings Tuesday, but essentially held steady against most global currencies. Domestic economic data continues to affirm the resilience of the U.S. economy, thus keeping pressure on the Federal Reserve to keep interest rates higher. Business activity in the United States unexpectedly rebounded as a recent retail sales number was strong.