DTN Morning Cotton Commentary          04/21 07:13

   Cotton Suffers Small Retreat 

   After a stupendous Monday, the cotton market is easing off Tuesday morning. 

Keith Brown
DTN Contributing Cotton Analyst

   After a stupendous Monday, the cotton market is easing off Tuesday morning. 
Although new contract highs were posted Monday for several trading months, the 
volume of near 60,000 was somewhat uninspiring. Nonetheless, the trend is up, 
the production fields are inordinately dry, and certain speculators are now 
leaning long.

   USDA's weekly Crop Progress report showed 11% of the U.S. 2026 crop was 
planted. That number was 7% the previous week and 10% a year ago. The five-year 
average for this date is 10%. Texas was 16% planted, up from 11% last week and 
15% a year ago. The five-year average is 16%. Georgia was 3% planted, up from 
1% last week and the same as a year ago. The five-year average is 3%.

   The commodities and financial worlds are holding their collective breaths 
this morning awaiting whether the U.S. and Iran will hold peace talks. 
Supposedly, Vice President JD Vance is leading the U.S. delegation, but Iranian 
rhetoric has thus far been defiant. Meanwhile, the U.S. has renewed threats of 
overwhelming military action against Iran, if no agreement is reached before 
the fragile ceasefire expires Tuesday evening.

   First notice day for the May contract is April 24. Its delivery period runs 
through May 6.

   Chart support for July cotton stands at 78.70 cents and 77.80 cents, with 
resistance around 81.00 cents and 81.50 cents. Tuesday morning's estimated 
volume is 13,567 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com or by calling 
(229) 890-7780.




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