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DTN Closing Cotton 10/08 13:32
Cotton Simply "Stagnates"
Cotton Futures Slip Ahead of USDA WASDE, Export Sales Data.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market traded both sides of its previous close on moderate
volume. Traders are a-waiting Friday's supply-demand update, the CFTC data, and
any reflective news regarding the Iranian Conflict.
Highlights from Thursday's weekly exports-sales included net combined
seasonal sales of 221,128 bales. That amount was below the previous 241,727
bales, but was higher than the four-week average. Cumulative sales for 2027/28
have reached 44% of the USDA forecast versus a five-year average of 53% for
this point in the marketing year. Shipments totaled 161,588 bales, up from
149,507 the previous week.
For Wednesday, October Cotton will expire on the close. To date, there have
been no deliveries tendered against that contract.
At 12 p.m. EDT Friday, USDA will release its October WASDE. Last month,
government tabulators reduced the current crop from 13.60 million to 13.20
million bales, while lowering Ending Stocks to 3.60 million from the previous
4.00 million bale level.
Also, at 3:30 p.m. EDT Friday, the CFTC will update its C-O-T numbers. Last
week, the managed-money funds net sold some 7000 positions reducing their
net-long carry to 74,500 contracts.
For Wednesday, December closed at 79.94 cents, down 9 points, March 2027
finished at 83.03 cents, minus 9 points, and July 2027 settled at 85.17 cents,
7 points lower. Today's estimated volume was 40,931 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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