DTN Morning Cotton Commentary: Cotton Higher, Awaits Data
DTN Morning Cotton Commentary: Cotton Higher, Awaits Data

DTN Morning Cotton Commentary: Cotton Higher, Awaits Data

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Keith Brown DTN Contributing Cotton Analyst    

The cotton market is extending its Thursday reversal Friday morning as traders square positions in front of USDA's Planted Acres Report, as well as the mid-year mark.    

For Friday's 12:00 p.m. EDT report, the average trade estimate for the 2023 crop is 11.12 million acres, with a range of 10.5 to 12.0 million acres. The forecast in March was 11.256 million, and last year's plantings totaled 13.763 million.    

Spot July remains in its notice period. Friday there were no deliveries for the contract. However, 171 notices have been tendered. The contract will expire July 7.    

The six-to-ten day forecast for West Texas calls for near-normal temperatures and above-normal rainfall. The extended 8-to-14-day outlook indicates slightly above-normal temperatures with normal precipitation.    

Friday at 3:30 p.m. EDT, CFTC will issue its weekly Commitment-of-Traders report. Last week the data showed managed-money funds had moved to a net short position of some 5,500 contracts.    

For Friday, close-in support for December cotton stands at 78.50 cents and 78.00 cents, with 80.00 cents and 80.60 cents as resistance. Friday's estimated morning volume is 6,710.    Keith Brown can be reached at commodityconsults@gmail.comor by calling (229) 890-7780. 

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Πηγή: qualitygin.com



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