DTN Morning Cotton Commentary          11/09 07:20

   Cotton Edges Higher as Traders Look Ahead to Key Reports

   The cotton market is somewhat higher Monday as it prepares for several 
reports this week. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market is somewhat higher Monday as it prepares for several 
reports this week. Additionally, traders are watching Iran, the election 
fallout and the U.S. dollar.

   Friday afternoon, the Commodity Futures Trading Commission (CFTC) updated 
its Commitments of Traders data. Last week saw the managed funds sell 3,042 
positions, further reducing their net-long carry to 53,148 contracts.

   Monday afternoon at 4 p.m. EST, USDA will release its weekly Crop Progress 
report. Last week's numbers revealed that 63% of the national crop had been 
harvested. The five-year average is 54%. Texas was 61% harvested versus its 
five-year average of 46% complete.

   On Tuesday, USDA will issue its monthly supply-demand updates. In October, 
the agency increased U.S. production to 13.44 million bales. That report will 
be out at noon EST.

   Wednesday is Veterans Day, and many parts of the federal government will be 
closed. However, U.S. commodities markets, including ICE cotton, will trade.

   The 6- to 10-day forecast (Nov. 14-18) shows below-normal temperatures for 
the Delta and the Southeast, while Texas will have above-normal readings. 
Rainwise, Texas appears to have slightly above-normal odds, while the Delta and 
the Southeast show normal to below-normal chances.

   For Monday, close-in support for December cotton stands at 78.70 cents and 
78.00 cents, with resistance around 80.25 cents and 80.50 cents. Monday 
morning's estimated volume is 16,270 contracts.

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




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