DTN Closing Cotton: Cotton Lower, Monthly Squaring
DTN Closing Cotton:  Cotton Lower, Monthly Squaring

DTN Closing Cotton: Cotton Lower, Monthly Squaring

A- A+

Keith Brown DTN Contributing Cotton Analyst    

The cotton market was moderately lower Tuesday as some traders elected to adjust their positions at the end of the month. In addition, the U.S. dollar pumped higher on news that Biden and Fed Chair Powell are scheduled to meet with inflation the main topic of conversion. Also, the energy complex posted new life-of-contract highs, with diesel fuel running up 20-plus cents per gallon.    

Tuesday afternoon, USDA will issue its weekly crop progress data. Last week's report showed the crop was being established right on schedule, with 54% planted versus a 10-year average of 52%.    

Due to the observance of Memorial Day, this week's export sales will be delayed until Friday morning. Last week's business showed a combined season sales was net sales of 132,000, with shipments at 318,500 bales off some 7% week over week.    

For Tuesday, July cotton settled at 138.98 cents, down 0.44 cent, December closed at 122.45 cents, down 0.50 cent and March 2023 finished at 118.17 cents, 0.56 cent lower; estimated volume was 26,162 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

(c) Copyright 2022 DTN, LLC. All rights reserved.

Source: qualitygin.com

Tags

newsletter

Subscribe to our daily newsletter