DTN Closing Cotton: Cotton Settles Limit-Up
DTN Closing Cotton: Cotton Settles Limit-Up

DTN Closing Cotton: Cotton Settles Limit-Up

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market ended Monday's session limit-up bid as traders continue to process USDA's super-bullish crop report. In that data, tabulators lowered the U.S. crop by nearly three million bales.    

The U.S. dollar was higher Monday as disappointing economic data from China increased global recession worries. The People's Bank of China made a surprise rate cut, which lowered the yuan and strengthened the dollar. Chinese industrial output, retail sales and fixed-asset investment all fell short of analyst estimates Monday, a result of the COVID-19 lockdowns.    

The updated weather forecast is showing cooler and wetter conditions for much of the cotton belt over the next six to ten days. Texas may see similar conditions, but many traders believe any improvement in the weather will be too much, too little and too late to help the dryland cotton.    

Monday afternoon, USDA will issue its weekly crop condition numbers. Last week saw nearly 50% of the Texas crop essentially rated very poor-to-poor. That number set the stage for the current rally. The update is out at 4 p.m. EDT.    

For Monday, December closed at 113.59, up 5.00 cents, March 23 finished at 110.64, plus 4.00 cents, and July 23 settled at 106.15, up 4.00 cents. Monday's estimated volume was 23,761 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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