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DTN Closing Cotton 11/03 14:08
Cotton Dances with Bears
Cotton slips on harvest pressure as traders await exports, jobs data
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was somewhat lower Tuesday amid its own harvest pressure,
as well as weaker outside markets. Traders will assess Tuesday night's U.S.
Midterm results for whatever effect they will have upon the nation and then
push forward towards other market-moving influences.
This Thursday at 8:30 a m. EST, USDA will issue its weekly export-sales.
Highlights from the previous week's data showed combined seasonal sales tallied
254,833 bales versus the prior 199,630. China was a major participant.
Cumulative sales have reached 49% of USDA's forecast versus a five-year average
of 57%.
On Friday, traders will see a new monthly jobs report. Last month's report
showed 65,000 new non-farm jobs were added to the economy. This month's guess
is 29,000 jobs with an unemployment rate of 4.2%.
Also, on Friday, the Commodity Futures Trading Commission (CFTC) will update
its Commitments of Traders (COT) data. Last week saw the managed funds sell
10,000-plus positions, reducing their net-long carry of 56,190 contracts.
For Tuesday, December closed at 77.04 cents, down 62 points, March 2027
finished at 80.90 cents, minus 59 points, and July 2027 settled at 83.05 cents,
59 points lower. Tuesday's estimated volume was 70,636 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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