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DTN Closing Cotton            08/08 13:34

   Cotton Has Two-Sided Trade

   The cotton market started out the new week checking out last week's highs, 
but then speculative selling sent prices into the red.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market started out the new week checking out last week's highs, 
but then speculative selling sent prices into the red. Although traders still 
have concerns over the drought gripping West Texas, falling outside markets 
undermined cotton's earlier advance.

   Monday afternoon USDA will issue its crop ratings data. The readings are 
expected to show the U.S. crop worsened last week.

   On Wednesday, new CPI readings will be issued. That data should give traders 
a bit more clarity about the central bank's next move at its policy meeting in 
September. Traders are now pricing in the likelihood of a three-quarter-point 
hike. That would be the third consecutive increase of that amount. Headline 
CPI, which includes energy and food, is expected to dip to 8.7% in July, from a 
40-year high of 9.1% in June.

   Flash floods in Pakistan, caused by abnormally heavy monsoon rains, have 
killed some 550 people in late July. Government agencies and the army have set 
up aid and relief camps in flood-hit regions and were working to help relocate 
families and provide food and medicine.

   On Friday, USDA will update its monthly supply-demand numbers. Last report 
showed a million bales decline in production, but nearly an equal offset 
decline in exports.

   For Monday, December closed at 95.59 cents, down 0.54 cent, March 2023 
finished at 93.33 cents, down 0.47 cent and July 2023 settled at 90.19 cents, 
0.24 cent lower; estimated volume was 14,309 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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