12 Ιουλίου 2022

DTN Closing Cotton: Cotton Lower, But Pares Losses

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Keith Brown DTN Contributing Cotton Analyst

The market was moderately lower Monday, although cotton was sharply lower earlier in the day. The news of "ordered" Chinese COVID lockdowns, as well as the strengthening U.S. dollar, rattled traders.

Monday afternoon at 4 p.m. EDT, USDA will issue its crop condition update. Last week saw nearly 50% of the Texas crop rated poor to very poor.

Tuesday at noon EDT, USDA will issue its July Crop Report. Expectations call for a smaller 2022 crop, but smaller exports as well. The result might be an increase in domestic carryout.

Also Tuesday, the CPI Report will be released at 8:30 a.m. EDT. It is likely to show "headline inflation" rising above May's 8.6% level, which was the greatest in 40 years. Additionally, June PPI is due out Thursday, as well as the University of Michigan's consumer sentiment report for July will be released Friday. The reports will measure the pace of inflation.

From last week's export sales report we note that cumulative sales for 2021/22 have reached 15.640 million bales, down from 16.116 million one year ago. In percentages, sales have reached 112% of the USDA's forecast for the marketing year versus a five-year average of 111%.

For Monday, December closed at 94.84 cents, down .79 cent, March 23 finished at 90.68 cents, down 1.13 cents, and July 23 settled at 86.50 cents, off 1.12 cents. Monday's estimated volume was 18,068 contracts.

Keith Brown can be reached at commodityconsults@gmail.com

Πηγή: qualitygin.com

DTN Closing Cotton: Cotton Lower, But Pares Losses

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