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DTN Closing Cotton 09/25 13:36
Cotton Ends Lower
Cotton was down after the Trump/Xi meeting revealed no new grandiose trade
deal.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was materially lower amid the lack of any new purchases by
China. The Trump/Xi meeting revealed no new grandiose trade deal, but U.S.
officials say they will publish the details next week. Traders will now likely
focus on this afternoon's CFTC data, and then next week's harvest conditions
for price influences.
Today at 3:30 p.m., the CFTC will update its Commitments of Traders data.
Last week's numbers showed that the managed-money traders were net sellers of
2,267 contracts. That action reduced their net long carry to 97,903. Their
record stands at 108,788 contracts.
Crude Oil traded sharply lower today amid an Iranian request for the U.S. to
return to the June 17 MoU agreement. That agreement would likely open the
Strait of Hormuz but only if certain conditions are met. However, the last such
agreement saw Iranian violations within days.
The U.S. Treasury yields rise again today as hawkish Federal Reserve
commentary and stronger-than-expected economic data are pushing traders to
expect higher interest rates as early as October. Current yields on
various-denominated treasuries are at 19-year highs.
For today, December closed at 8271, down 60 points, March 2027 finished at
8549, minus 57 points, and July 2027 settled at 8743, 54 points lower. Today's
estimated volume was 54,611 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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