By Keith Brown, DTN Contributing Cotton Analyst
The cotton market sloughed off slightly bearish supply-demand numbers to trade sharply higher Tuesday. Apparently rising energy and grain markets helped to reinvigorate the “inflation play,” which is besieging the global economy.
Tabulators raised the U.S. crop to 18.20 million versus last month’s 18.00 million. Additionally, domestic ending sales were hiked to 3.40 million. However, global stocks were slightly lowered.
This Thursday the U.S. government will be closed in observance of Veterans Day. All government offices will be closed, but most commodities will be open for normal operation. With that event in mind, weekly export sales have been delayed to Friday. Also, December cotton’s option will expire on Friday as well.
Wednesday, the Labor Department will issue its latest CPI data. That index reflects the inflation rate consumers are paying for goods and services.
For Tuesday, December settled at 119.38 cents, up 2.83 cents, March ended at 115.19 cents, up 1.90 cents and December 2022 ended at 91.31 cents, 0.47 cent higher; estimated volume was 55,616 contracts.Πηγή: Agfax