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The Fall In The US Dollar Also Led To A Stronger Cotton Market

2021/10/20 12:28:00 110

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By the end of last week, 28% of the new cotton flowers had been harvested, which was 33% in the same period of last decade. The excellent rate of new cotton also maintained at 64%, far better than 40% in the same period of last year and 43% in the same period of last decade.

In terms of weather, in the next five days, the weather in cotton producing areas of the United States will be dry. In the next 6-10 days and 8-14 days, the rainfall in the central and western parts of Texas will be lower than the normal level, and the precipitation probability in the Delta and southeast regions will be higher.

On the 19th, the cotton market closed the decline in the recovery, followed the external market higher. Corn, energy and metals, as well as the U.S. stock market, all contributed to the rise in cotton prices. At the same time, the decline in the dollar also led to a stronger market.

At present, the long-term upward trend of cotton prices has not changed, but the fundamental resistance can be seen. The promotion of cotton harvest in the United States and the decline of net long of funds are all signals of market caution.

Traders also pay attention to this week's US cotton export weekly report. In recent weeks, China's purchase of American cotton has decreased significantly, causing market concern. One of the problems is the issue of US cotton shipment. At present, the U.S. cotton export in 2021 / 22 will reach 7.617 million bales, which is lower than the average of 7.844 million bales in the same period of the past five years, which is 52% of USDA's export forecast, and 55% in the same period last year.