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DTN Closing Cotton 05/27 13:34
Cotton Market Posts New Lows Wednesday
The cotton market posted new lows for its current downward run today.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market posted new lows for its current downward run today. Since
its 88.08 cent high on May 13, December cotton has spilled nearly a thousand
points down. Traders continue to watch crude oil, the U.S./Iran situation and
other outside markets for price direction.
This Friday, USDA will issue a new round of export sales. Last week's
business saw improvements in the numbers, but overall, cumulative sales for
this time of year are running roughly 10% behind the five-year average.
Also, on Friday, the CFTC will update its Commitment of Traders numbers.
Last week's data showed that the managed-money funds had bought in nearly 2,500
contracts, lifting their net-long carry to 62,000-plus positions.
The U.S. dollar, still considered a safe haven, was basically steadied
today. Recent U.S. "defensive strikes" against Iran dented optimism for a quick
end to hostilities and a reopening of the crucial Strait of Hormuz shipping
channel.
For Wednesday, July closed at 76.16 cents, down 121 points; December closed
at 78.66 cents, minus 113 points; and March 2027 finished at 79.68 cents, 100
points lower. Wednesday's estimated volume was 83,185 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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