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DTN Closing Cotton 09/21 13:35
Cotton Registers "China Fever"
The cotton market was triple digits higher today, following the bullish
paths of other U.S. agricultural markets
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was triple digits higher today, following the bullish
paths of other U.S. agricultural markets. Traders are somewhat "euphoric" that
a big trade deal with China will be announced when U.S. President Trump and Xi
meet this Thursday.
This afternoon at 4 p.m., USDA will publish its weekly crop progress
reports. Last week's data showed that the current crop was rated 36%
good/excellent and was 8% harvested.
As mentioned, this Thursday the long-awaited Trump/Xi trade meeting will
take place in Washington. The two leaders will discuss, among many topics,
tariffs, trade, AI, Iran, and Taiwan.
Also on Thursday, USDA will issue its weekly exports-sales. Highlights from
last week included combined seasonal sales of 77,391 bales, versus the previous
total of 76,318 bales sold. For last year, those combined sales were 186,100
bales. Weekly Shipments totaled 142,076 bales, down from the previous 177,774
bales exported.
Crude Oil was sharply lower today after President Donald Trump reportedly
decided against bombing Yemen and indicated he was open to diplomacy with Iran.
To the latter point, Trump said he would be open to meeting with Iranian
President Masoud Pezeshkian at the UN General Assembly this week.
For today, December closed at 8342, plus 227 points, March 2027 finished at
8606 up 229 points, and July 2027 settled at 8786, 220 points higher. Today's
estimated volume was 65,608 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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