DTN Closing Cotton: Cotton Lower Thursday, but Cuts Losses
DTN Closing Cotton: Cotton Lower Thursday, but Cuts Losses

DTN Closing Cotton: Cotton Lower Thursday, but Cuts Losses

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market ended Thursday's session lower, but not before paring a big part of its daily loss. At one point, the market was flirting with being down 3.00 cents on the day, but position squaring inspired a small recovery. Fundamentally, the market was up against a strong U.S. dollar and a weakening commodities complex.    

Next week, spot December enters its notice period with deliveries possibly set for Wednesday. All traders who wish to avoid the perils of delivery must exit their long positions by this Tuesday's close.    

Additionally, next week is Thanksgiving, thus the cotton market will be closed on Thursday and trade only a partial session on Friday. In past seasons, Thanksgiving week has been synonymous with final harvest lows.    

Heading into Friday's session, December cotton is off 1.22 cents for the week, up 15.04 cents for the month and down 5.61 cents on the year.     

For Thursday, December closed at 87.04 cents, down 1.40 cents, March 2023 finished at 85.28 cents, down 1.48 cents and July 2023 settled at 83.29 cents, 1.22 cents lower; estimated volume was 32,751 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com

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