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DTN Morning Cotton Commentary 01/22 07:11
Cotton Tightrope Walks Sideways
The cotton market remains soggy and sideways as the futures just amble from
day to day.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market remains soggy and sideways as the futures just amble from
day to day. This time of year is notorious for tight ranges and largely
essentially directionless movement. Traders continue to monitor economic and
weather news for price inspiration.
President Trump did a u-turn on Greenland as far as acquiring the island,
saying a framework had been reached with Denmark and there was no need for any
additional tariffs. The financial market all breathed a sigh of relief and
traded higher.
The potential for another shutdown of the U.S. government is looming large.
Both chambers of Congress are trying to pass certain funding legislation, but
politics have entered the fray.
Weekly export sales will be released tomorrow at 8:30 a.m. EST, having been
delayed by the observance of the Martin Luther King Day holiday. Last week's
business reflected a marketing-year-high sales number of some 340,000 bales.
Shipments were up one percent weekly with 156,000 bales exported.
Also on Friday, the CFTC will update its Commitments of Traders information.
Last Friday's numbers showed managed-money funds had net-sold some 2,600
positions, increasing their net-short carry to 50,392 contracts.
Chart support for March cotton stands at 64.00 cents and 63.75 cents, with
resistance hovering about 65.00 cents and 65.50 cents. This morning's estimated
opening volume is 12,446 contracts.
Keith Brown can be reached at commodityconsults@gmail.com or by calling
(229) 890-7780.
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