Keith Brown DTN Contributing Cotton Analyst    

The cotton market was lower Tuesday as renewed selling in the Dow Jones, as well as timely rains for portions of Texas, combined to discourage new buyers. In addition, spot July is gearing up for its delivery period, which commences on June 24.    

The updated weather situation has the immediate forecast calling for some rain across some areas of Texas. However, that precipitation is pointed more towards the central and eastern parts of the Lone Star State. The six- to 10-day and eight- to 14-day outlooks indicate normal chances for rain, but also brings higher than usual temperatures.    

Traders are eyeing this week's export-sales data from USDA. Although last week's sales were a slight improvement, China was essentially absent in the numbers. That country continues to suffer from COVID-19 spreads and lockdowns.    

This weekend marks the Memorial Day break, which historically has been a time when an unsuspecting rain could fall on West Texas and bedevil the market.    

For Tuesday, July cotton settled at 141.54 cents, down 1.21 cents, December closed at 123.78 cents, down 2.20 cents and March 2023 finished at 119.50 cents, 2.28 cents lower; estimated volume was 28,092 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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