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DTN Morning Cotton Commentary 06/10 07:12
Cotton Sees Slight Relief Wednesday
The cotton market is higher Wednesday morning in somewhat of a relief move.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market is higher Wednesday morning in somewhat of a relief move.
Likely, some traders are buying in some short positions, while others are
bargain-hunting after such a precipitous decline. Traders will assess
Thursday's export sales numbers and the June WASDE, along with Friday's CFTC
update for additional price influences.
Thursday, USDA will issue weekly export sales at 8:30 a.m. EDT. Last week's
business saw sales of 185,268 bales for the current marketing year and 77,145
for 2026/27 for a total of 262,413. The prior combined season sales were
265,663 bales, with the four-week average running around 216,000.
Also on Thursday, at noon eastern, USDA will issue the June WASDE. Last
month government tabulators projected the 2026-27 crop to be 13.30 million
bales with a domestic carryout of 3.90 million, and a global supply of 75.05
million bales. We also note the official Planted Acres will be released June 30.
Option expiration for the July contract is Friday June 12, while the spot
July contract commences delivery on June 24, running through July 9.
Chart support for December cotton stands at 75.00 cents and 74.80 cents,
with resistance around 77.90 cents and 79.60 cents. Wednesday morning's
estimated volume is 20, 225 contracts.
Keith Brown can be reached at commodityconsults@gmail.com or by calling
(229) 890-7780.
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