DTN Cotton Closing: Cotton Ends Lower

DTN Cotton Closing: Cotton Ends Lower

By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market ended Friday on a negative note, closing down some 55 points. However, it remained up on the week and the month. Those advances were up 240 points weekly and up 162 points on the month. Still, the market is down on the year at 770 points, but that is half the loss recovered since the April COVID-19 low.

Into next week, the market will see its normal reports of crop conditions on Monday and weekly exports sales Thursday, but will also be tracking any emerging weather situations, such as Hurricane Isaias, now being monitored by the National Hurricane Center.

Per old-crop sales, cumulative sales are running 120% of USDA’s original seasonal target. To place that number into perspective, the 5-year average for this time of year for sales stands at 108%. To that end, the decline in the U.S. dollar should help in future export business for cotton, as well as other U.S. agricultural commodities.

Friday, December cotton closed at 62.66 cents off .52 cent, March settled at 63.25 cents, down .56 cent, and December 2021 finished at 62.48 cents, down .71 cent. Friday’s estimated volume was 19,725 contracts.


Source: Agfax
You can read the full article here: https://thrakika.gr/en/post/dtn-cotton-closing-cotton-ends-lower-07-31