DTN Closing Cotton: Cotton Pares Gains Wednesday
DTN Closing Cotton: Cotton Pares Gains Wednesday

DTN Closing Cotton: Cotton Pares Gains Wednesday

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market gave back much of its triple-digit gains Wednesday as traders positioned themselves for the Fed announcement and Thursday's export sales and GDP data.    

As expected, the Fed did hike its funds rate three-quarters of a point. The immediate result was a weaker dollar and higher Dow Jones. Also, the energies and gold improved, as well as the "row crop markets" of corn, beans and cotton.    

Thursday, USDA will issue its weekly export-sales data. The recent lockdowns in China may negatively affect U.S. sales. Also on Thursday, second quarter GDP numbers will be released. In economic circles, two consecutive negative growth quarters is the college textbook definition of a recession.    

Crude oil is stronger Wednesday, after the EIA inventory numbers showed sizable declines for the complex. In addition, Gazprom, the Russian energy entity cut flows to Western Europe.

The six- to 10-day weather outlooks continue to show way above normal temperatures for much of the country, with extreme hot and dry conditions coating the Southwest. According to social media, some Texas growers have altogether shut down their irrigation equipment.    

For Wednesday, December closed at 95.07 cents, up 0.59 cent, March 2023 finished at 91.46 cents, up 0.72 cent and July 2023 settled at 88.01 cents, 0.75 cent higher; estimated volume was 15,081 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com

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