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DTN Closing Cotton 07/27 13:43
Cotton Stays Afloat Near 81 Cents
Despite massive collapse in grains, livestock, and energies, the cotton
market not only stayed afloat, but actually traded up toward the 81.00-cent
level.
Keith Brown
DTN Contributing Cotton Analyst
Despite massive collapse in grains, livestock, and energies, the cotton
market not only stayed afloat, but actually traded up toward the 81.00-cent
level. Various outside markets were hit with knee-jerk headlines ranging from a
pause in the Iran war to the opening of the U.S./Mexican border for cattle to
late week improving weather for the Midwest. Nonetheless, the cotton market
dodged those outside influences to focus on Texas weather and increased buying
from the funds per the CFTC update.
Today at 4 p.m. EDT, USDA will issue fresh crop condition numbers. Of late,
the good-to-excellent readings have been moving two-sided. The highest reading
was 54%, followed by a couple of weeks of 44% good to excellent, but last
Monday was 45%.
Tuesday, the Federal Reserve meets to discuss U.S. interest rates and will
announce its intentions Wednesday at 2 p.m. EDT. Currently, there is a 66%
chance that the central bank will not do anything. However, some governors
would like to hike rates immediately.
Later this week, traders will see new Consumer Confidence data Tuesday, the
Fed's announcement on Wednesday, fresh USDA export sales on Thursday -- all
wrapped within the emotions of end-of-the-month squaring.
For Monday, December closed at 80.88 cents, up 90 points; March 2027
finished at 82.47 cents, plus 83 points; and July 2027 settled at 83.57 cents,
up 83 points. Monday's estimated volume was 38,785 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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