7 Οκτωβρίου 2022

DTN Closing Cotton: Cotton Has Woozy Trade

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Keith Brown DTN Contributing Cotton Analyst

The market traded positive and negative times over for much of its Thursday session, finally ending slightly lower. Cotton faced pressure from a recovering U.S. dollar, weaker Chicago grains and a lower Dow Jones. The one bright spot was the better-than-expected weekly export sales report Thursday morning. Nonetheless, the cotton market could do little with that news.

USDA reported combined seasonal net sales of 169,000 bales versus last week's tally of roughly 70,000 bales. However, China was not in the mix as a new buyer. It was listed as a destination for shipped bales from previous purchases.

The U.S. dollar continues its upside resumption Thursday after Fed officials disclaimed any notion of any pivot. The reference to "pivoting" suggested a softening position by the central bank toward hiking interest rates.

On the weather-watch, the National Hurricane Center has two potential storms on its website tracking map. One is TD #13, off the coast of Venezuela. Supposedly, it has a 90% chance of becoming a tropical storm over the next 48 hours. The second disturbance is TD #12 just now off the coast of Africa.

Friday morning, the Labor Department will release its monthly jobs report. Traders are expecting non-farm jobs for September to be 250,000.

Friday afternoon, the CFTC will publish its latest trader's breakdown, with emphasis on the managed-money funds. At last count, those funds were some 41,000 contracts net long. At their 2022 spring peak they were over 90,000 contracts net long.

For Thursday, December closed at 82.90 cents, down 0.33 cent, March 2023 finished at 81.44 cents, down 0.30 cent and July 2023 settled at 78.75 cents, 0.27 cent lower; estimated volume was 30,985 contracts.

Keith Brown can be reached at commodityconsults@gmail.com

Πηγή: qualitygin.com

DTN Closing Cotton: Cotton Has Woozy Trade

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