Printable Page Cotton News   Return to Menu - Page 1 3 4 5 6
 
 
DTN Morning Cotton Commentary          08/09 07:34

   Cotton Tries Higher Again

   The cotton market continues to seesaw at the upper end of its recent trading 
range, but with a bullish slant.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market continues to seesaw at the upper end of its recent trading 
range, but with a bullish slant. This week's economic releases may help to 
agitate prices higher or lower.

   Monday USDA released its crop condition data, and essentially it was 
friendly. The data revealed the nation's cotton crop was rated 31% 
good/excellent, down from 38% of the previous week and below the 10-year 
average of 50%. Texas fell to 14% good/excellent, a drastic drop from the 
previous 25% reading.

   Wednesday at 8:30 a.m. EDT, the latest CPI data will be released. Headline 
CPI, which includes energy and food, is expected to dip to 8.7% in July, from a 
40-year high of 9.1% in June, according to analysts.

   Thursday will see weekly export sales. Last week China was a heavy canceler 
of 95,000 bales. Obviously, traders are hoping for a better showing.

   Then on Friday, USDA will update its monthly supply-demand data. Last month, 
the 2022 crop was whacked by some one million bales, but so too were exports 
reduced, leaving carryout virtually the same. Some traders are expecting 
similar action from the government this time as well. 

   For Tuesday, support for December cotton is at 9525 cents and 9422 cents, 
with resistance at 9820 cents and 9950 cents. Tuesday morning's estimated 
volume is 3,138 contracts. 

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




(c) Copyright 2022 DTN, LLC. All rights reserved.

For more free DTN information sent right to your email each morning - click here to sign up for DTN Snapshot.
 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN