DTN Closing Cotton: Cotton Tweaks Higher Thursday
DTN Closing Cotton: Cotton Tweaks Higher Thursday

DTN Closing Cotton: Cotton Tweaks Higher Thursday

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Keith Brown DTN Contributing Cotton Analyst    

After a rough Thursday start based on poor export sales, the cotton market did cut some of its earlier declines to settle slightly higher. Fundamentally, cotton is torn between a disastrous Texas Crop and slow-to-no demand from China. To the latter, China was a net canceller of cotton Thursday on USDA's weekly update.    

Crude oil was markedly lower Thursday, pressured by fears of global economic weakness. The liquidation unfolded after an unexpected surge in US inventories this week. Besides the perceived economic slump, the demand outlook remains shaky via Taiwan, China's strict zero COVID-19 policy and rising interest rates. The Bank of England raised its rates Thursday.    

Adverse weather continues to plague the U.S. cotton crop. The one- to five-day weather model indicates only slight rain for the Panhandle of Texas and virtually zero for West Texas. While the six- to 10-day forecast shows above-normal temperatures and below-normal precipitation.    

Friday the Labor Department will issue its monthly jobs data. Updated estimates have edged higher to 260,000 non-farm jobs being created last month    Also Friday, the CFTC will issue its commitment of traders report. At last count the managed-money funds were net long some 33,000 plus contracts.    

For Thursday, December closed at 94.62 cents, up 0.19 cent, March 2023 finished at 92.33 cents, up 0.28 cent and July 2023 settled at 88.92 cents, 0.30 cent higher; estimated volume was 15,171 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com 

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Πηγή: qualitygin.com



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