On April 28, cotton futures turned downward following a sharp correction in the grain market after rising sharply the day before. Selling caused by severe overbought in the market also put pressure on prices.
In terms of weather, there will be rainfall in some areas of Texas in the next 1-5 days, mainly in the eastern region. In some areas of western Texas, there will be more than 10 mm of rainfall. In the future Rainfall in western Texas remains below normal on Days 6-10 and 8-14.
On April 28, ICE futures rebounded after an intraday plunge, but still closed down nearly 200 points. Both the new and old contracts saw sharp corrections, but many analysts still It is believed that the price peak of grain and cotton has not yet occurred this year.
The latest decision of the Federal Reserve is that although the U.S. economy is recovering rapidly, its easing policy will not change, and interest rates will remain close to zero in the short term, with monthly bond purchases of at least US$120 billion. . According to other news, the Biden administration recently announced a family assistance plan of no less than US$1.5 trillion, and commodity inflation will continue.
This week’s U.S. cotton export weekly report will be released soon. During the rise in cotton prices, U.S. cotton export sales have been good, but after this decline, traders are also looking forward to U.S. cotton exports. A more eye-catching performance. But to be fair, with US cotton supply tightening in the latter part of the year, export tasks basically completed and continuing to rise too fast, last week’s contract volume would be a pretty good result if it reached 100,000 bales. </p
