DTN Cotton Close: Dec. Contract Pushes Higher
DTN Cotton Close: Dec. Contract Pushes Higher

DTN Cotton Close: Dec. Contract Pushes Higher

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December cotton closed up 1.49 cents at 84.81 cents Tuesday, the highest close in two weeks with ongoing support from the anticipation of slightly lower ending cotton stocks in 2021-22 and a variety of weather challenges. West Texas remains in serious drought with not much rain in the forecast. Southern Texas, Arkansas and Louisiana are expecting heavy rain amounts the next seven days — too much in some of those areas, with a flash flood watch posted in Arkansas. South Carolina has moderate drought, but also has a chance for moderate showers this week.

USDA’s Crop Progress report later Tuesday afternoon will provide the first good-to-excellent cotton crop rating for 2021 and it will likely be lower than last year’s initial 70% reading. USDA is also likely to say that roughly 60% of the cotton crop in planted, but we won’t have a good estimate of planted acres until June 30.

From a technical view, December cotton has been holding sideways in a triangle formation with support at 82.20 cents, also the site of the 100-day average. Friday’s CFTC report showed noncommercial net longs dropped 9,000 in the week ending May 25 and are now at 63,653, a fourth consecutive week of liquidation.

Dow Jones reported the Cotlook ‘A’ Index was down 0.20 cent Friday, May 28 at 89.70 cents per pound. According to ICE, certified cotton stocks totaled 146,886 on May 28, the same as the previous day.

In cash online trading, The Seam showed 88 bales sold Friday at an average price of 59.00 cents. Average loan value was 33.76 cents and 28,861 bales were offered.

In outside markets, most other commodities were higher Tuesday. The June U.S. dollar index is down 0.16, while Dow Jones Industrial Average futures are up 76 points. July crude oil is up $1.68 after OPEC agreed to stay with its plan to gradually increase production until the end of July. August gold is down $0.50.


Πηγή: Agfax

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