DTN Closing Cotton            05/21 13:43

   Cotton Market Lets Go of 80 Cents

   The cotton market somewhat lost its 80-cent handle today as Spot July 
finished at 77.98 cents, and new-crop December dipped to 79.50 cents. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market somewhat lost its 80-cent handle today as Spot July 
finished at 77.98 cents, and new-crop December dipped to 79.50 cents. Likely, 
traders were liquidating, or otherwise squaring, positions ahead of the 
three-day Memorial Day holiday weekend. Negative to the market is confusion 
over any potential Chinese purchases and concerns with potential rains across 
Texas and the Southeast.

   On Friday at 3:30 p.m. EDT, the CFTC will update its Commitment of Traders 
data. Last week, the managed-money funds bought some 8,300 positions, lifting 
their net-long carry to 58,000-plus. The all-time bullish record, from 2018, 
stands at 108,788 contracts.

   Option expiration for the July contract is Friday, June 12. Then Spot July 
delivery commences on June 24, running through July 9.

   Cumulative sales for 2025/2026 have reached 96% of the USDA's seasonal 
forecast versus the five-year average of 105%.

   The ICE futures will be closed this Monday for the observance of Memorial 
Day. Trading will resume Monday night at 9 p.m. EDT.

   For Thursday, July closed at 77.98 cents, down 362 points; December closed 
at 79.73 cents, minus 323 points; and March 2027 finished at 80.58 cents, 319 
points lower. Thursday's estimated volume was 90,388 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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