Market Observation: Export Sales Report Released By USDA On Thursday

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A series of employment data will be released this week. The growth of non farm employment in ADP exceeded expectations, and the private sector added 184000 jobs in March. The number of weekly initial jobless claims in the United States was slightly higher than expected, but still at a historical low. The Ministry of Labor reported that 303000 new jobs were created in March, and the unemployment rate fell to 3.8%. This week's employment data exceeded expectations, and the Federal Reserve may take this into account in its upcoming interest rate decision. The US trade deficit expanded for the third consecutive month, reaching US $68.9 billion.

The price of crude oil reached the highest level in five months due to the decline of the US dollar and the increasing geopolitical risks.

The weekly export sales report was slightly lower than expected. The export sales report released by the United States Department of Agriculture (USDA) on Thursday showed that in the week ending March 28, the current annual net export sales of American cotton increased by 84900 bales, 13% less than the previous week, and 4% more than the average of the previous four weeks, of which the net export sales to China increased by 35300 bales. In the next year, the net export sales of American cotton increased by 22900 bales. 367600 bales of American cotton were shipped for export, an increase of 2% over the previous week and an average increase of 6% over the previous four weeks, including 164600 bales shipped for export to China. In the current year, 99200 bales of American cotton were newly sold, and in the next year, 22900 bales of cotton were newly sold.

The first notice date of May cotton is April 24, less than two weeks ago. In addition, the weekly US export sales report will remain the focus.

The US consumer price index (CPI) and producer price index (PPI) will be released next week to let the Federal Reserve know about inflation before the FOMC meeting at the end of this month.

Seasonal drought outlook released this week shows that parts of Texas may experience drought.