DTN Closing Cotton: Cotton Lower on Data, Dollar
DTN Closing Cotton: Cotton Lower on Data, Dollar

DTN Closing Cotton: Cotton Lower on Data, Dollar

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market was decisively lower Friday as USDA's supply-demand updates were unchanged from one month ago levels. However, Friday morning's CPI report indicated demonstratively stronger inflation rates, and that information hugely rallied the U.S. dollar. A strong greenback is considered negative to U.S. exports.    

As stated, USDA left domestic carryout at 2.90 million bales, unchanged from the May update, while tabulators lowered world stocks by a mere 50,000 bales to 82.77 million. The report was obviously benign, causing previous buyers to liquidate.    

The CFTC will update the status of the managed-money funds. In addition, July's option will expire on Friday's spot settlement.    

As of Friday's settlement, July cotton is up 6.80 cents for the week, up 6.00 cents for the month and up 37.11 cents on the year.    

For Friday, July cotton settled at 145.06 cents, down 1.45 cents, December closed at 122.36 cents, down 2.57 cents and March 2023 finished at 117.84 cents, down 2.29 cents higher; estimated volume was 55,972 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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