Keith Brown DTN Contributing Cotton Analyst    

The cotton market was moderately higher amid rising grain and energies. However, cotton's volume was fairly muted suggesting prices could easily be pushed and pulled at the whim of a larger order.    

Thursday morning, USDA will issue its weekly export sales. Last week's sales number was a disappointing 49,000 bales sold, with Vietnam showing up as a big canceler.    

On Friday, the Federal Reserve will conclude its three-day economic symposium at Jackson Hole. Chairman Jerome Powell is expected to say that the Fed's current plan of raising interest rates over time will remain intact.    

Tuesday, the updated USDA-FSA certified acreage data was released. The number was actually higher than expected, at some 13.50 million planted acres for 2022.   

The six- to 10- day and eight- to 14-day forecast call for above normal chances of rain over Texas, the Delta and the Southeastern. Some parts of the South will see copious amounts of rain, which is likely to hurt those portions of the open crop.    

Crude oil was higher Wednesday, with Benchmark Brent trading above $100 per barrel, after Saudi Arabia suggested this week that OPEC could consider cutting output. OPEC sources indicated that any cut to global production would likely coincide with a return of Iranian to the market. OPEC is already producing 2.9 million barrels per day less than its official target.    

For Wednesday, December closed at 114.07 cents, up 1.84 cents, March 2023 finished at 111.01 cents, up 1.94 cents and July 2023 settled at 103.52 cents, 1.77 cents higher; estimated volume was 16,735 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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