| |
DTN Closing Cotton 01/30 13:58
Cotton Lower, Following Precious Metals
The cotton market was lower today as imploding precious metals, a rising
U.S. dollar, and end-of-the-month squaring discouraged any buying.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was lower today as imploding precious metals, a rising
U.S. dollar, and end-of-the-month squaring discouraged any buying. For the
month, spot Cotton ended January down some 65 points.
President Trump nominated Kevin Warsh to head the Federal Reserve this May.
Warsh has previously served as a Fed Governor, and supposedly is more of a hawk
on monetary policy.
Today at 3:30 p.m. EST, the CFTC will issue its weekly Commitment-of-Traders
Report. Last week's release held that the managed-money funds had net sold some
1500 positions, increasing their net short carry to 52,000 contracts.
Interestingly, cotton's open interest has swelled to a record high of 360,000
positions.
A vote in the U.S. Senate to avert a partial government shutdown stalled
today, making its closure a reality starting tomorrow. Congressional leaders
were able to compromise certain funding issues for the DHS budget.
March Options will expire on Feb, 6, one week from today. Traders will be
anticipating what amount of Puts and Call may expire "in-the-money".
The latest drought information shows the U.S. cotton planted area at 80%
drought (varying stages). However, the recent winter storm, Fern, may have
improved soil conditions in some areas.
For today, March 26 went out at 6319, 31 points lower, July was 6655, down
46 points, and December 26 closed at 6875, minus 23 points. Today's estimated
volume was 56,386 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
(c) Copyright 2026 DTN, LLC. All rights reserved.
Your local weather forecast from DTN can be sent to your email every morning free through DTN Snapshot.
|
|
