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DTN Closing Cotton 11/13 13:39
Cotton Is Begrudgingly Higher
Cotton gains slightly as harvest nears completion; COT report delayed until
Monday.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market was slightly up Friday, despite a weaker exports sales
report. Accordingly, some traders and producers hope that the end of harvest
will allow certain seasonal price improvements.
December Cotton's options expiration happens on Friday's settlement. Based
on a traders' current put or call position, assignments of futures contracts
will happen at 5 p.m. EST. Also, the December Contract will enter its delivery
period on Nov. 23.
The Commodity Futures Trading Commission (CFTC) will update its Commitment
of Traders (COT) Monday afternoon rather than Friday, as originally reported.
There were some conflicting calendar glitches which led to our confusion. We
regret the error. At any rate, the last report saw the managed funds sold 3,042
positions last week, further reducing their net long carry to 53,148 contracts.
Friday marks the final day of the Goldman-Sachs fund roll.
This Monday, USDA will release its weekly Crop Progress report. Last week's
numbers revealed that 71% of the national crop had been harvested. The
four-year average for this time of the season is 63%.
Crude Oil prices were fractionally lower Friday but will post their second
weekly decline. Seemingly, the Trump Administration plans to continue its
Iranian blockade, rather than, at least for the moment, renewing any full-scale
combat operations.
The six--to--ten--day forecast (Nov. 18-22) shows above to much-above
temperatures from Texas, across the Delta, to the Southeast. Rain-wise, Texas
appears to have above-normal odds, while the Delta and the Southeast show only
slightly-above normal chances.
For Friday, December closed at 78.78 cents, up 11 points, March 2027
finished at 82.61 cents, plus 10 points, and July 2027 settled at 84.80 cents,
12 points higher. Friday's estimated volume was 78,980 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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