The cotton market was markedly higher Monday

The cotton market was markedly higher Monday

Hi our beloved customers:

We would like to update cotton news by Vigotex:

  • ICE 2023 May: Closed 84.71 c/lb, +0.54 cents;
  • ICE 2023 July: Closed  85.77 c/lb, +0.65 cents;
  • ICE 2023 Dec: Closed 85.51 c/lb, +0.88 cents;
  • Estimated volume/24,724 contracts

The cotton market was markedly higher Monday amid a weaker U.S. dollar and a stronger Dow. The financial markets are waiting to hear from Fed Chair Powell's congressional testimony Tuesday and then on Wednesday. Traders expects Mr. Powell to be mildly hawkish, but hopeful rates will rise only one-quarter point at the March meeting.

         For Wednesday's March WASDE, the average trade expectation for U.S. 2022-23 ending stocks is 4.26 million bales, February's number was 4.30 million bales. World ending stocks are expected at 89.07 million bales from 89.08 million in February.

           March cotton will expire on Thursday's settlement. To date there have been no deliveries.

        This Friday, the monthly jobs report will be out. Expectations call for 213,000 new jobs versus last month's 517,000 jobs. Unemployment is expected to be at 3.5%.