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DTN Closing Cotton 07/15 13:35
Stronger Grains, Unsettling Growing Conditions Support Cotton
New-crop December cotton failed to close above 82.00 cents.
Keith Brown
DTN Contributing Cotton Analyst
New-crop December cotton failed to close above 82.00 cents. However, traders
were encouraged by stronger Chicago grains and weaker energies, but more so by
the unsettling growing conditions currently affecting U.S. and foreign fields.
Thursday, USDA will issue new weekly export sales data. Last week saw some
improvement with current season sales of 66,500 bales, up 36%, and shipments of
230,000 bales, up 5%. Nonetheless, the overall U.S. cotton sales lag behind the
five-year pace.
Also on Thursday, new monthly retail sales numbers, business inventories and
jobless claims will be published.
This Friday, the CFTC will update its Commitment of Traders information.
Last week saw the managed-money funds had net-bought some 7,100 positions,
further enhancing their net-long carry to 39,106 contracts.
The 6- to 10-day weather forecast (July 20-24) shows above to above-normal
temperatures for the Delta and the Southeast, while West Texas will experience
normal to slightly above-normal reading. Rainwise, the Southeast and the
Mid-Atlantic area look to have slightly above-normal opportunities, while Texas
and the U.S. Delta will have normal odds.
For Wednesday, December closed at 81.55 cents, up 68 points; March 2027
finished at 82.93 cents, plus 70 points; and July 2027 settled at 83.02 cents,
56 points higher. Wednesday's estimated volume was 42,900 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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