Mary Kennedy DTN Basis Analyst    

The cotton market turned higher ahead of the Memorial Day weekend as the U.S. dollar turned lower on the day and more rain is in the forecast for areas of Texas that are still too soaked to finish planting. Texas NASS reported that as of May 22, cotton planting was 35% complete, down 8 percentage points from the five-year average. The next crop progress report will be delayed until Tuesday, May 30, 3 p.m. EDT.    

DTN weather forecast for the Delta notes soil moisture continues to be mostly favorable for developing crops. Drier conditions have developed in the region. Shower potential returns next week. Overall conditions continue to be good across the region for developing crops for now. NWS is forecasting above normal moisture for the High Plains on Friday evening and possible severe thunderstorms in the western Panhandle of Texas over the weekend.    

The market reacted favorably Friday to the news that talks between President Biden and House Speaker McCarthy have indicated the U.S may be closer to a debt-ceiling deal, although it is uncertain as to what both have agreed on, as the June 1 deadline is approaching.    

On Friday, July cotton closed at 83.35 cents, up 3.23 cents and December ended at 80.54 cents, up 2.04 cents.    

Mary Kennedy can be reached at Mary.Kennedy@dtn.com 

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