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DTN Closing Cotton 01/09 13:33
Cotton Trades Flat
Early morning weakness in cotton gave way to the stronger influence of the
metals, the financials, and the grains. Thus, the market closed essentially
unchanged as it awaits fresh market-moving news.
Keith Brown
DTN Contributing Cotton Analyst
Early morning weakness in cotton gave way to the stronger influence of the
metals, the financials, and the grains. Thus, the market closed essentially
unchanged as it awaits fresh market-moving news.
The U.S. Supreme Court did not release any ruling on President Trump's
tariffs today. Although the court never announces any rulings in advance, the
traders and investors were anticipating one today. Obviously, they will have to
wait. The challenges to the tariffs in the cases before the Supreme Court were
brought by businesses affected by the tariffs and 12 U.S. states, most of which
are Democratic-governed.
The U.S. Department of Labor released its monthly jobs report this morning.
Expectations called for 75,000 new non-farm jobs, but the number was likely
50,000. Suggestively, the Fed must lower interest rates to spark the economy.
Today at 3:30 p.m. EST, the CFTC will issue its scheduled (current)
Commitment-of-Traders information. At last count, the managed-money funds were
net-short some 49,000 bales.
This Monday, USDA will issue its monthly supply-demand update. The average
trade expectation for 2025 cotton production is at 14.20 million bales,
virtually unchanged from the December number. Exports are expected at 12.04
million bales, and ending stocks are expected at 4.56 million, slightly higher
than the previous number. World production is looking to be 119.46 million
bales, slightly off, with global ending stocks at 75.62 million bales,
fractionally lower.
For today, March 26 went out at 6441, down 5 points, July was 6731,
unchanged, and December 26, closed at 6883, 1 point higher. Today's estimated
volume was 53,794 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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