By admin       2019-04-08

The cotton market is attempting to finish out this week on a positive note. As it stands however, the market is virtually unchanged from its close of last Friday even though there has been additional friendly news to support the bullish cause.One was yesterday’s weekly sales and exports report. Summarily it revealed shipments over 400,000 bales, plus a combined crop year sales tally of some 475,000 bales. China was a net buyer in both seasons.As it stands, sales of roughly 58,000 bales are needed weekly to reached USDA’s preordained 2018/2019 target. To that end, if a China trade deal is done and they were to enter the export market with both feet, U.S. sales would likely surpass expected levels.Another positive for cotton was today jobs data. Expectation called for 175,000 new non-farm jobs, but the number was 196,000. Not an overwhelming difference, but higher than expected and suggests the U.S. economy is resilient.Next Tuesday, USDA will issue its monthly supply-demand report. In March, USDA had the projected 2019 crop at 18.39 million bales, with a flat carryout of 4.3 million bales.For today, support for May cotton is 76.45 cents and 75.52 cents, with resistance at 77.98 cents and 78.45 cents. Overnight estimated volume is 6,225 contracts traded.

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