The market remains essentially sideways and is in dire need of positive news.

Hi our beloved customers:

We would like to update cotton news by Vigotex:

• ICE 2023 Mar: Closed 82.25 c/lb, +1.33 cents;
• ICE 2023 May: Closed 81.88 c/lb, +0.35cents;
• ICE 2023 July: Closed 82.52 c/lb, +0.15 cents;
• ICE 2023 Dec: Closed 82.08 c/lb, -0.04 cents;
• Estimated volume: 24,921 contracts

Although Cotton spent more time in positive territory Wednesday, it was pretty much spinning its wheels. Technically, the market remains essentially sideways and is in dire need of positive news. The month of March will bring new supply-demand numbers as well as planting intentions. Additionally, the Federal Reserve will also make its case for higher interest rates.

            The CFTC's website announced the agency will begin issuing its weekly commitment-of-traders data this Friday. That report, which details the longs and shorts of speculators and commercials, has been of-line for three weeks due to a cyberattack on a major reporting clearing firm.

            USDA's weekly exports-sales have been delayed until Friday due to Monday's observance of President's Day. Of late, sales have been very respectable, although it is a hard read as to whether Turkey or China will step up their buying. Turkey for sure is wounded because of the massive 7.8 earthquake, while China is slow to recover from COVID.