DTN Closing Cotton: Cotton on the Bearish Ropes
DTN Closing Cotton: Cotton on the Bearish Ropes

DTN Closing Cotton: Cotton on the Bearish Ropes

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market suffered yet another stunning triple-digit loss Thursday. From Monday's opening, December cotton has dropped nearly 16.00 cents. Traders and investors are exiting the market in droves amid fears of inflation and perhaps improving weather.    

The six- to 10-day and eight- to 14-day forecasts call for above-normal chances of rain in West Texas, while the Southeast may see some rainfall as well this weekend.    

Friday, July cotton will enter delivery. Its current open interest stands at 10,245 contracts.    

Also Friday, weekly export sales will be released in the morning. They were delayed by Monday's observance of Juneteenth.    

The CFTC will issue its trader update Friday too. However, the results will be as of Tuesday's settlement.    

For Thursday, July cotton settled at 136.22 cents, down 7.00 cents, December closed at 102.01 cents, down 6.06 cents and March 2023 finished at 97.73 cents, 5.94 cents lower; estimated volume was 57,999 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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