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DTN Closing Cotton 10/29 13:37
Cotton Tries To Dig-In
Cotton gains on strong exports, technical buying, and month-end positioning.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market closed somewhat higher Thursday, as weekly exports-sales,
end-of-the-month squaring, and technical buying emerged.
Thursday's September Personal Consumption Expenditures (PCE) inflation index
was projected to increase 0.5% in September for an annual rate of 3.7%, but the
respective estimates for core PCE were 0.3% and 3.1%.
Highlights from weekly exports-sales showed the strongest sales in five
weeks, led by China. The combined seasonal sales tallied 254,833 bales versus
last week's 199,630. Cumulative sales have reached 49% of USDA's forecast
versus a five-year average of 57%. However, shipments totaled 160,762 bales,
down from 196,366 the previous week.
China made inquiries for U.S. Wheat, the first interest shown since the
Trump/Xi meeting. Could U.S. Cotton be next on her shopping list?
At 3:30 p.m. EDT Friday, the Commodities Future Trading Commission (FTC)
will report on the position of the managed-money funds. Last week, they were
net buyers of 767 positions, which fractionally increased their net-long
position to 66,466 contracts. The data is calculated from last Tuesday's
settlement.
For Thursday, December closed at 78.50 cents, up 35 points, March 2027
finished at 82.25 cents, plus 35 points, and July 2027 settled at 84.33 cents,
28 points higher. Thursday's estimated volume was 52,472 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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