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DTN Closing Cotton 10/30 13:41
Cotton Unnerved by Outsides
Cotton falls as market turmoil, rising oil and geopolitical fears weigh.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market lost all of its friendly footing amid the crashing and
burning of key peripheral markets. Friday saw gold and silver sharply lower, as
was the Dow Jones, along with the livestock markets. Trader's concerns ran from
eventually higher interest rates to a resumption of the full combat operations
against Iran, to higher energies. Additionally, there were all sorts of
end-of-the-month positioning happening. Thus, there was no way cotton was going
to keep its chin up.
Friday at 3:30 p.m. EDT, the CFTC will report on the position of the
managed-money funds. Last week, they were net buyers of 767 positions, which
fractionally increased their net-long position to 66,466 contracts. The data is
calculated from last Tuesday's settlement.
Crude Oil is higher Friday and is set for its fourth monthly gain. There was
a recent attack on a tanker in the Hormuz, which continues to underscore the
possible supply risks from the conflict. Additionally, there is the widespread
feeling that the U.S. and Israel will return to full combat operations next
week.
The six-to-ten-day forecast (Nov. 4-8) shows above-normal temperatures for
the Delta and the Southeast, with normal readings slated for West Texas.
Rain-wise, Texas appears to have normal odds, while the Delta and the Southeast
show much-above normal chances.
For Friday, December closed at 77.83 cents, down 67 points, March 2027
finished at 81.59 cents, minus 60 points, and July 2027 settled at 83.73 cents,
60 points lower. Friday's estimated volume was 58,192 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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