DTN Closing Cotton: Cotton Ends Up on Election Hopes
DTN Closing Cotton: Cotton Ends Up on Election Hopes

DTN Closing Cotton: Cotton Ends Up on Election Hopes

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market seesawed in and out of positive territory all day, as traders had one eye on the falling dollar and the other on the rising Dow Jones. The outcome of the midterm elections will be a decisive fundamental which could influence the cotton market.    

The National Hurricane Center is tracking late-season storm Nicole. The storm is expected to hit Palm Beach County, Florida, as a Category 1 hurricane, and then hook north, zooming up into South Georgia, and then up the mid-Atlantic states.    

Wednesday, USDA will issue its November WASDE. The average trade guess is 13.62 million bales. Domestic ending stocks are expected at 2.73 million, compared to the 2.80 million in October. World carry is anticipated to be at 88.04 million bales, versus 87.87 million in October. That report is out at noon EST.    

Crude oil prices were lower Tuesday amid growing worries about fuel demand. It appears COVID-19 outbreaks are worsening for China, and there are jitters about the outcome of U.S. midterm elections. Nonetheless, gasoline and diesel supplies are at uncomfortably low levels, ultimately limiting the downside for crude prices as winter is about to hit the Northern Hemisphere.    

For Tuesday, December closed at 87.68 cents, up .19, March 23 finished at 85.74, minus .09, and July 23 settled at 83.85, .28 lower. Tuesday's estimated volume was 57,305 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com

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