With less than a month before the July contract expiry begins, Dr. O.A. Cleveland looks for futures prices to hang close to the high end of the current trading range.
Dr. Don Shurley points out that cotton prices have weathered any negative market factors pretty well, staying within a range of mostly 79 to 84 cents over the past five months.
USDA’s May supply and demand report takes some of the bearish tone out of the market. Yet, oversupply and continuing economic factors will continue to limit any price advance.