Keith Brown DTN Contributing Cotton Analyst
The cotton market could not overcome its earlier weakened state. Traders saw a plethora of adversities, including the Pelosi to Taiwan trip, big weekend rains across the Texas Panhandle, continued COVID lockdowns in China, a weaker energy complex and collapsing Chicago grains.
The one- to five-day forecast shows virtually no rain for West Texas. Moreover, both the six- to 10-day and the eight- to 14-day outlooks point to above-normal temperatures, with normal to below-normal precipitation for the Lone Star State.
Monday afternoon, USDA will issue its crop condition updates. It is thought given the ongoing severity of the drought, Monday's good-to-excellent ratings will show a reduction.
For the week, OPEC is set to meet on Wednesday. The cartel is expected to maintain its current supply program. Then on Thursday, USDA will issue its weekly exports sales data, followed by Friday's all-important Jobs Report. The latter data will offer a more accurate picture of the health of the U.S. economy.
For Monday, December closed at 94.06 cents, down 2.68 cents, March 2023 finished at 91.47 cents, down 2.04 cents and July 2023 settled at 88.23 cents, 1.95 cents lower; estimated volume was 25,764 contracts.
Keith Brown can be reached at email@example.com
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