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DTN Morning Cotton Commentary 03/11 07:28
Cotton Looks and Feels Better Wednesday
Despite recent bearish potholes in the trade, ICE cotton seems to be
exhibiting a better attitude.
Keith Brown
DTN Contributing Cotton Analyst
Despite recent bearish potholes in the trade, ICE cotton seems to be
exhibiting a better attitude. The market has been able to slough-off poor
sales, plus an unsupportive supply-demand report to stay close toward the north
end of its recent trading levels.
Wednesday and Thursday, the Commerce Department will release new CPI
(consumer inflation) and PPI (wholesale inflation). Their data will likely
influence the Federal Reserve at its next meeting regarding interest rates.
Also on Thursday, USDA will issue its weekly export sales report. Last
week's current seasonal sales were 150,000 bales, off 41%. However, weekly
shipments of 282,000 bales constituted a marketing-year-high pace. The data
will be out at 8:30 a.m. EDT.
Then this Friday at 3:30 p.m. EDT, the CFTC will update its Commitments of
Traders data. Last week, the managed-money funds net-sold some 7,500 positions,
increasing their net-short carry to 73,973 contracts. For context, their record
bearish position stands at 81,358 contracts.
Chart support for July cotton stands at 66.70 cents and 66.00 cents, with
resistance around 68.00 cents and 68.45 cents. Wednesday morning's estimated
volume is 15,410 contracts.
Keith Brown can be reached at commodityconsults@gmail.com or by calling
(229) 890-7780.
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