DTN Morning Cotton Commentary          03/18 07:12

   Cotton Retreats Wednesday 

   After zooming higher for eight out of the last nine days, the cotton market 
is gently lower Wednesday morning. 

Keith Brown
DTN Contributing Cotton Analyst

    

   After zooming higher for eight out of the last nine days, the cotton market 
is gently lower Wednesday morning. The market has seen huge volume days as 
bearish speculators have been rolling out of their positions, while others have 
been buying-in net long. There are seasonal concerns with growing conditions, 
acres, and high costs of production. 

   The Federal reserve will announce its take on interest rates Wednesday at 2 
p.m. EDT. Supposedly, no change in the Fed Funds rate will take place.

   Thursday, USDA will issue its weekly export sales data. Last week saw 
current season sales at 254,000 bales, up 68%, while shipments were 370,000 
bales, a marketing-year-high. The report will be out at 8:30 a.m. EDT.

   USDA will issue its Planting Intentions report on March 31. This will be the 
first official look at 2026 acres. The survey is conducted in the first two 
weeks of March.

   Crude oil is lower Wednesday morning, despite escalating attacks on the 
United Arab Emirates' energy infrastructure. Tuesday, U.S. crude inventories 
(API) saw a rise in supply and that helped offset some of the geopolitical risk 
premiums.

   Chart support for July cotton stands at 69.70 cents and 69.00 cents, with 
resistance around 71.25 cents and 71.75 cents. Wednesday morning's estimated 
volume is 19,250 contracts.

    

   Keith Brown can be reached at commodityconsults@gmail.com or by calling 
(229) 890-7780.




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