DTN Closing Cotton            07/26 13:41

   Cotton Lower on the Day, Week, Month

   The cotton market was pressured by renewed trend and technical selling. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market was pressured by renewed trend and technical selling. This 
week's bearish highlights included the December market breaching its June low 
of 70 cents, and the subsequent posting of new life-of-contract lows for the 
ICE cotton.

   Friday afternoon at 3:30 p.m., CFTC will update its Commitments of Traders 
data. Last week, per Tuesday's settlement, the managed-money funds had bought 
some 225 contracts, barely denting their net-short position of 40,000 contracts.

   The U.S. Dollar Index was fractionally lower Friday, reflecting the benign 
inflation data from this morning's PCE (personal consumption expenditures) 
report as issued by the Commerce Department. The numbers will likely encourage 
the Federal Reserve to cut rates in September.

   On Monday, USDA will report on the status of the 2024 crop. Last week's 
reading indicated the crop was rated 53% good to excellent, up from the 
previous two weeks' numbers of 45% good to excellent. The data will be released 
at 4 p.m. EDT. 

   For the week, December cotton is off 271 points, for the month, it's down 
470 points, and for the year it's minus 1137 points. 

   For Friday, December ended at 67.99 cents, down 91 points, and March 2025 
was 69.76 cents, minus 90 points. Friday's estimated volume was 23,219 
contracts.

   Keith Brown

   Keith Brown can be reached at commodityconsults@gmail.com




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