Vigotex - Cotton News 21/09/2022

Vigotex - Cotton News 21/09/2022

Hi our beloved customers:

We would like to update cotton news by Vigotex:

  • ICE 2022 Dec/ 12/ Tháng 12: Closed/收于/Chốt phiên 93.33 c/lb, -2.71 cents/ 美分/ điểm;
  • ICE 2023 Mar/ 3/ Tháng 3: Closed/收于/Chốt phiên 90.45 c/lb, -2.60 cents/ 美分/ điểm;
  • ICE 2023 Mar/ 7/ Tháng 7: Closed/收于/Chốt phiên 86.02 c/lb, -2.12 cents/ 美分/ điểm;

Estimated volume/ 估计数量/ Khối lượng giao dịch ước tính: 36.904 contracts/ 合约 / hợp đồng.

The cotton market made new lows Tuesday for its bearish move. This latest downtrend originated off the August high. Traders fear higher interest rates will strengthen the U.S. dollar and therefore hurt export sales. In addition, the market is still smarting from the last crop report, in which USDA tabulators added production back into the supply part of the equation. Lastly, Biden's Taiwan comments from the past Sunday night greatly irritated the Chinese, which will only exacerbate an already frail relationship.

The Federal Reserve began its two-day monetary policy meeting Tuesday. Analysts expect the central bank to increase rates by three-quarters of a point on Wednesday. One trader noted that the central bank had not raised rates to combat inflation since the early 1980's, thus any surprise may come in the Fed's quarterly projections on inflation and the economy.

This Thursday, USDA will issue its next round of export sales. Last week the agency reported an odd summary of missing numbers. To our understanding only business for calendar September was seen, and not the missing two weeks from August. Perhaps there will be a better summary this week. That data is out at 8:30 a.m. EDT.