DTN Closing Cotton: Cotton Lower on Outsides
DTN Closing Cotton: Cotton Lower on Outsides

DTN Closing Cotton: Cotton Lower on Outsides

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market was lower Friday amid fears of additional Chinese COVID-19 lockdowns, rising interest rates and weakening global growth. In addition, other markets cascaded lower, such as the energies, which influenced cotton to trade negatively as well. Lastly, with Monday a Federal holiday and so close to the end of the quarter, there might have been some position squaring done by the major index funds.    

Weather-wise, there is no rain seen in the five-day models for Texas. The six- to 10-day and the eight- to 14-day models are showing hot and dry conditions with only a rare chance for occasional rain for much of the cotton belt.    

Friday afternoon the CFTC will update its trader positions. At last count, managed-money funds stood roughly at some 62,000 contracts net long.    

The Dow Jones is attempting to close above the psychologically important 30,000 level Friday. Thus far, it has traversed that level several times today. Last Wednesday, the Federal Reserve raised interest rates three-quarters of one point. It was the single largest increase since 1994.    

For the week July cotton was off 1.61 cents, but up 4.47 cents on the month and 35.57 cents higher on the year.    

For Friday, July cotton settled at 143.45 cents, down 0.08 cent, December closed at 118.29 cents, down 0.94 cent and March 2023 finished at 114.15 cents, 0.73 cent lower; estimated volume was 23,539 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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