Printable Page Cotton News   Return to Menu - Page 1 3 4 5 6
 
 
DTN Closing Cotton            09/30 13:43

   Cotton Posts New Low, Ends Up

   December cotton made new lows for its move, coming within 1 cent of its July 
monthly low, before recovering to slightly higher levels.

Keith Brown
DTN Contributing Cotton Analyst

   December cotton made new lows for its move, coming within 1 cent of its July 
monthly low, before recovering to slightly higher levels. A strong U.S. dollar, 
a weaker Dow, plus a bearish exports hangover collectively pushed the market 
down earlier in the session. 

   USDA issued its quarterly grains stocks for September. The report was 
essentially bullish to corn and wheat, but bearish to soybeans. That data 
seemed to have little, if any, effect on cotton.

   Hurricane Ian is set to make landfall on the east coast of South Carolina, 
about Charleston. It could threaten the Carolina cotton crops with strong winds 
and heavy rains.

   Friday afternoon, the CFTC will publish its Commitment of Traders report. 
Last week's data showed the managed-money funds were net long some 42,000 
contracts. Next week, we will see how end-of-the-quarter selling affected those 
speculators. On Monday, USDA will update the harvest progress in its weekly 
report. Last week, the nation's crop was 15% gathered, but given that Hurricane 
Ian did not adversely impact the South Georgia crop, there should be big 
strides this weekend in the harvesting efforts. 

   As the market closed out Friday's trade, December cotton was down 7.20 cents 
for the week, 27.87 cents lower for the month and down 13.50 cents for the 
quarter.

   For Friday, December closed at 85.34 cents, up 0.18 cent, March 2023 
finished at 83.45 cents, up 0.72 cent and July 2023 settled at 80.28 cents, 
0.88 cent higher; estimated volume was 41,377 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




(c) Copyright 2022 DTN, LLC. All rights reserved.

DTN offers additional daily information available free through DTN Snapshot – sign up today.
 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN