By Keith Brown, DTN Cotton Correspondent 

The cotton market swung positive and negative and positive again, as traders adjusted their books for the long three-day holiday and beyond. Currently, with the weather in Texas seemingly improving, while Georgia melts, there seems to be enough of an offset to keep the market balanced about the 83.00-cent mark. However, longer-term weather models do show hotter-and-drier conditions returning to the Cotton Belt.

Thursday, USDA will issue its weekly export-sales data. With current season sales at 100% of USDA’s target, a big number might cause government tabulators to increase the exports category on the June crop report. That information comes out on June 10.

On Friday, the CFTC will publish its weekly Commitment of Traders information. The data will be as of this past Tuesday. Last report showed a significant decline in net long positions held by certain managed-money funds.

Traders are also aware that July cotton’s expiration will expire in 16 days on June 11. Afterwards, the “futures convert to cash” when the spot market enters its delivery period on June 24. July cotton expires on Thursday, July 8.

July Cotton closed Wednesday at 82.44 cents, down 0.27 cent, December settled at 83.23 cents, up 0.14 cent and March 2022 ended 83.16 cents, up 0.14 cent; estimated volume was 21,125 contracts.