DTN Morning Cotton Commentary          06/15 06:34

   Cotton Continues 2-Way Trade

   Monday, the cotton market is trading both sides of Friday's close as traders 
weigh the possibilities of the U.S./Iran "peace deal." 

Keith Brown
DTN Contributing Cotton Analyst

   Monday, the cotton market is trading both sides of Friday's close as traders 
weigh the possibilities of the U.S./Iran "peace deal." In addition, they will 
see Monday's Crop Progress report from USDA, the Federal Reserve meeting news, 
fresh export sales on Thursday, and an end-of-week holiday.  

   Last Friday, CFTC updated its Commitments of Traders rankings. The report's 
data showed the managed-money funds were sellers per the previous Tuesday's 
close. Currently (if a three-day lag is considered current), the Funds sold 
some 10,000 positions, reducing their net-long carry to 42,204 contracts. 

   Also, on Friday past, options for the July contract expired. Spot July 
contract will commence delivery on June 24, running through July 9.

   Monday afternoon at 4 p.m. EDT, USDA will release its weekly Crop Progress 
numbers. Last week, the agency pegged the pace of 2026 plantings at 77%, with a 
good-to-excellent rating of 53%.

   The Federal Reserve meets Tuesday and Wednesday to discuss and decide the 
future interest rates. Under new chairmanship, the central bank is not expected 
to take any action.

   Supposedly a "peace deal" was struck with Iran and was announced last night. 
There is to be a signing ceremony in Switzerland this Friday, June 19. The 
Strait of Hormuz is allegedly open right now to all shipping traffic. Crude oil 
opened $4 lower last night. 

   The market will be closed this Friday for the Juneteenth observance. The ICE 
futures will reopen the following Sunday night at 9 p.m. EDT, but likely 
certain reports will be pushed back a day.

   Chart support for December cotton stands at 75.00 cents and 74.65 cents, 
with resistance around 77.20 cents and 78.30 cents. This morning's estimated 
volume is 10,324 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com or by calling 
(229) 890-7780.




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