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DTN Morning Cotton Commentary 06/30 07:29
Cotton Corrects Ahead of Report
After several consecutive higher closings, the cotton market is tailing off
ahead of Monday's acres report.
Keith Brown
DTN Contributing Cotton Analyst
After several consecutive higher closings, the cotton market is tailing off
ahead of Monday's acres report. Afterwards, traders will then assess other
economic and political events before Friday's observance of the Fourth of July
holiday.
Last Friday, CFTC updated its Commitments of Traders information. Its data
revealed managed-money funds "bought-in" some 2.900 positions, reducing their
net-short carry to 48,085 contracts.
The ICE reported there were no deliveries placed against the spot July
contract Monday. Thus far, there have been some 225 notices tendered. The
delivery will end on July 9.
At noon EDT Monday, USDA will issue its long-awaited planted acres data for
2025. The average trade expectation is 9.735 million acres, within a range of
expectations from 8.800 million to 9.985 million. If realized, acres would be
down 1.3% from the March Intentions of 9.87 million, and down from 11.14
million acres of last year.
Also Monday at 4 p.m. EDT, USDA will update its crop progress/condition
numbers. Last week's reading showed the 2025 crop was 92% planted versus the
five-year average of 95%. It was rated at 47% good to excellent, compared to
the previous season's 48%.
Daily chart support for December cotton stands at 68.30 cents and 67.50
cents, with resistance at 70.00 and 70.50. Monday morning's estimated volume is
8,710 contracts.
Keith Brown can be reached at commodityconsults@gmail.comor by calling (229)
890-7780.
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