In a wild, two-sided session fueled by Russia’s invasion of Ukraine, cotton rose from 2.00 cents higher to 2.00 cents lower. Of course, with greed taking the reins from prudence, many markets that were demonstrably higher in the early morning trade are flat to lower to close Thursday. Their decline influenced cotton lower.
Friday morning, USDA will issue its weekly export sales, followed by the CFTC commitments of traders report Friday afternoon. Both reports will have data that is likely to be market moving.
Of course, all eyes, all night, will be squarely on the Ukraine/Russia event. The US. .and other nations are set to impose harsh sanctions on Russia, but its President Putin seems uncaring. That could lead to an extremely dangerous global environment.
Thursday, March cotton settled at 122.59 cents, up 0.19 cent, July ended at 116.22 cents, down 2.19 cents and December finished at 101.27 cents, 1.21 cents lower; estimated volume was 34,838 contracts.