DTN Closing Cotton            06/02 13:49

   Cotton Market Finishes Tuesday in Weaker Tone

   The cotton market was higher today, but finished somewhat in a weaker tone.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market was higher today, but finished somewhat in a weaker tone. 
December cotton attempted to force Monday's high of 88.00 cents, but came up 
short, and then retreated. Generally, the market is being pushed and pulled by 
friendly speculators versus price wary producers. Additionally, the 
headline-to-headline news flashes concerning the U.S. and Iran are keeping 
volatility levels extreme.

   This Thursday, USDA will issue fresh export sales data. Last week saw net 
sales for old crop at 153,000 bales, up 17%, and new crop at 112,000. Weekly 
shipments were 317,700, up 10% weekly.

   This Friday, the Labor Department will release its jobs numbers for May. 
Last month's data showed a much higher employment rate than most were expecting.

   Also on Friday, the CFTC will update its Commitment of Traders report. Last 
week's numbers showed the occurrence of net selling for the first time in a 
dozen weeks. Managed-money funds sold some 7,400 positions, reducing their 
overall net-long position to some 54,000 contracts. The data will be out at 
3:30 p.m. EDT.

   For Tuesday, July closed at 77.04 cents, up 40 points; December closed at 
80.54 cents, plus 38 cents; and March 2027 finished at 81.72 cents, 40 points 
higher. Tuesday's estimated volume was 76,671 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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