By Keith Brown, DTN Cotton Correspondent 

The cotton market ignored a decent export-sales report, as well as positive outside support from the Chicago grains to close down. Moreover, the bearish downdraft was led by the spot July contract, which suffered triple-digits losses. To that end, spot July’s options will expire on June 11, while its delivery starts on June 24. Thus, July cotton is seemingly running out of time to make a dynamic “bullish mark”.

The latest six- to 10-day forecast for the Lubbock Texas area indicates a moderate chance of rain, with the greatest being next Tuesday. Despite the episodes of hit-and-miss rain, that part of the cotton belt remains in a drought. Next Tuesday NOAA will update that situation in its latest drought monitor images.

Iran announced Thursday its belief the multi-year oil sanctions will soon be lifted, even as she negotiates with the U.S. on a new nuclear deal in Vienna, Austria. The energy market responded by moderately declining.

Heading into Friday, July cotton is down 0.90 cent thus far this week, off 6.55 cents for the month, but still positive on the year some 2.31 cents.

Thursday, July cotton closed at 81.53 cents, off 1.35 cents, December settled at 81.99 cents, down 0.38 cents and March 2022 ended at 81.84 cents, down 0.36 cent; estimated volume was 37,288 contracts.