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DTN Closing Cotton 03/10 13:31
Cotton Ignores WASDE Report
The cotton market elected to look past Tuesday's WASDE update, despite the
fact there were more negative categories than positive ones, and close higher.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market elected to look past Tuesday's WASDE update, despite the
fact there were more negative categories than positive ones, and close higher.
Traders will now look at export sales, the CFTC data, as well as monitor the
weather for additional trading influences.
The March WASDE report saw no changes in the U.S. numbers. World stocks
increased some 1.28 million bales, as production was increased for China (500k)
and Brazil (750K).
Wednesday and Thursday, the Commerce Department will release new CPI
(consumer inflation) and PPI (wholesale inflation). Their data will likely
influence the Federal Reserve at its next meeting regarding interest rates.
Also on Thursday, USDA will issue its weekly export sales report. Last
week's current seasonal sales were 150,000 bales, off 41%. However, weekly
shipments of 282,000 bales constituted a marketing-year-high pace. The data
will be out at 8:30 a.m. EDT.
This Friday at 3:30 p.m. EDT, the CFTC will update its Commitments of
Traders data. Last week, the managed-money funds net-sold some 7,500 positions,
increasing their net-short carry to 73,973 contracts. For context their record
bearish position stands at 81,358 contracts.
For Tuesday, July closed at 67.17 cents, up 60 points; December 2026 closed
at 69.85 cents, plus 52 points; and March 2027 finished at 70.84 cents, 56
points higher. Tuesday's estimated volume was 75,454 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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