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DTN Closing Cotton 11/02 13:35
Cotton Ends Timidly Lower
Cotton slips as traders await crop report, exports, election results
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was slightly lower Monday on "infrequent" volume. Traders
were watching the cascading crude oil and as well as waiting on Tuesday's U.S.
Midterms. Specific for cotton will be this Monday's crop progress, and the late
week exports-sales.
At 4 p.m. EST, USDA will issue its crop progress report. Last week, the U.S.
Crop was rated 33% good/excellent, and was pegged at 52% harvested.
Crude Oil remained sharply lower Monday. There are talks and rumors of talks
that a peace deal will be reached between the U.S. and Iran this week. However,
allegedly, the U.S. and its allies are gearing up for a return to full combat
operations at any moment.
Certain weather forecasters now indicate that recent rains in west Texas and
southwestern Oklahoma have actually delayed harvesting efforts, resulting in
some discoloration of the crop. West Texas is expected to see a few showers
Monday, mostly in the Panhandle, to be followed by a full week of mostly dry
conditions. The Delta crops have been dry in recent weeks, but it will be
impacted by some rain in the coming week. The Southeast is also looking at
rain.
This Thursday at 8:30 a.m. EST, USDA will issue its weekly exports-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%.
For Monday, December closed at 77.66 cents, down 17 points, March 2027
finished at 81.49 cents, minus 10 points, and July 2027 settled at 83.64 cents,
9 points lower. Monday's estimated volume was 70,102 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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