Dr. O.A. Cleveland says it’s not the market, but rather the traders’ inability to understand it in the face of inflation and dulled demand.
USDA’s March 2023 WASDE report again shows no changes for the U.S. cotton market, while the global forecasts call for lower consumption and trade, but higher production and ending stocks.
Despite some brisk inquiries about cotton for the week, the recently established near term price resistance at 85 cents capped any attempt for a price rally.