DTN Closing Cotton            11/11 13:32

   Cotton Meanders About 

   Cotton futures traded lower Wednesday amid Veterans Day light volume and 
index fund rolling.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market traded sideways-to-lower on Wednesday reflecting a bit of 
a holiday action, but also the Goldman Roll.  Of course, Wednesday marked the 
observance of Veterans Day, a federal holiday.  Traders will await this 
Friday's exports, the PPI and the CFTC update for any new price influences. 

   The Goldman Sachs Index roll continued Wednesday, as the largest long-only 
fund, switched positions forward from December into March. Yesterday saw 
massive volume reflecting that action. The roll continues into Friday. December 
Cotton will enter its delivery period on Monday, November 23.

   Export sales are delayed till this Friday due to the observance of Veterans 
Day. Highlights from last week's report had net sales of 277,522 bales for the 
2026/2027 marketing year. With that, Cumulative sales have reached 51% of 
USDA's forecast versus a five-year average of 58% for this point in the 
marketing year. Shipments totaled 137,782 bales, which was a marketing-year low 
number.

   Also, the PPI (wholesale inflation) will be released Friday morning at 
8:30am. Currently estimates are calling for month/over/month PPI to be 0.4% 
versus the previous 1.3%, while the core is indicated to be 0.3% versus the 
prior 0.3%. 

   Lastly on Friday the CFTC will update its C-O-T data. Last week saw the 
managed funds sold 3,042 positions, further reducing their net long carry to 
53,148 contracts.

   For Wednesday, December closed at 78.52 cents, down 17 points, March 2027 
finished at 8239, minus 12 points, and July 2027 settled at 84.51 cents, 3 
points lower. Wednesday's estimated volume was 97,537 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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