Keith Brown DTN Contributing Cotton Analyst    

The cotton ended its Friday session materially lower, as producers and disappointed bullish sellers sold the market. Additionally, the market was under technical pressure amid its midweek failure to hurdle overhead resistance. However for the week, the March cotton is up 3.02 cents.    

Friday afternoon the CFTC will issue its weekly commitment of traders report. Last week the managed-money funds were net long with about 17,000 contracts.    

This week export sales were pretty dismal, as combined crop years sales total slightly above 27,000 bales. However, last week's take was a net negative number. Still, this week's positive activity was the lowest since July.    

Spot December cotton remains in its delivery period. Last week saw a total of five notices tendered, but there were none for today. Delivery runs through Dec. 7, the expiration date for the contract.    

On Sunday, OPEC will meet to discuss any adjustments to the cartel's production. It is expected production will hold steady until as it weighs the effects of the EU's ban on Russian Oil on Monday.    

For Friday, December closed at 84.28 cents, down 1.65 cents, March 2023 finished at 83.20 cents, down 1.65 cents and July 2023 settled at 81.99 cents, 1.38 cents lower; estimated volume was 20,035 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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