Vigotex - Cotton News 04/10/2022

Hi our beloved customers:

We would like to update cotton news by Vigotex:

• ICE 2022 Dec/ 12月/ Tháng 12: Closed/收于/Chốt phiên 88.20 c/lb, +4.00 cents/ 美分/ điểm;
• ICE 2023 Mar/ 3月/ Tháng 3: Closed/收于/Chốt phiên 86.19 c/lb +4.00 cents/ 美分/ điểm;
• ICE 2023 Mar/ 7月/ Tháng 7: Closed/收于/Chốt phiên 83.02 c/lb, +4.00 cents/ 美分/ điểm;
• Estimated volume/ 估计数量/ Khối lượng giao dịch ước tính: 33.950 contracts/ 合约 / hợp đồng.

After plunging over 10 cents during the month of September, the cotton market finally experienced a sharp up session Tuesday. In fact, December Cotton closed at limit up. Its recovery was also encouraged by a strong Dow Jones and a collapsing U.S. Dollar Index. All of that activity is based on a mindset that the world's central banks may slow their plans to hike interest rates.

              Weather-wise, the six- to 10- day and the eight- to 14-day forecast call for above-normal precipitation in west Texas and below-normal in the Southeast. In speaking to a couple of Texas growers they lamented that, despite a smaller crop, the state's harvesting efforts will be a long and drawn out process.

              This Thursday, USDA will issue its weekly export-sales report. Last week's numbers were terrible, showing only about 70,000 bales sold for both combined crop years. China is on holiday this week and will likely not appear as a buyer any time soon.