DTN Morning Cotton Commentary          05/27 07:17

   Cotton Lower as Planting Progresses 

   The cotton market is lower Wednesday morning as the planting of the 2026 
crop is proceeding unencumbered. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market is lower Wednesday morning as the planting of the 2026 
crop is proceeding unencumbered. In addition, surrounding markets -- including 
crude, grains, and gold -- are all lower. Traders are awaiting more news 
concerning Iran, as well as other forthcoming cotton reports. 

   Tuesday afternoon, USDA issued its weekly Crop Progress report. The data 
showed 53% of the U.S. 2026 cotton crop was planted. That number was up from 
41% the previous week and 50% a year ago. It was right on the five-year average 
for this date at 53%. Texas was 42% planted versus a five-year average of 45%. 
Georgia was 58% planted, up from 38% last week and below the five-year average 
at 60%. Arkansas was 77% planted versus a five-year average of 78%. Mississippi 
was 73% planted versus a five-year average of 69%.

   This Friday, USDA will issue a new round of export sales. Last week's 
business saw improvements in the numbers, but overall, cumulative sales for 
this time of year are running roughly ten percent behind the five-year average.

   Also, this Friday, the CFTC will update its Commitments of Traders numbers. 
Last week's data showed managed-money funds had bought-in nearly 2,500 
contracts, lifting their net-long carry to 62,000-plus positions. 

   Option expiration for the July contract is Friday, June 12, while the spot 
July contract commences delivery on June 24, running through July 9. 

   The 6- to 10-day forecast (June 1-June 5) shows below- to well-below, normal 
temperatures for Texas, the U.S. Delta, and the Southeast U.S. Rain-wise, Texas 
is forecasted for above-normal precipitation, while the Delta and the Southeast 
look to have slightly higher chances for rain. 

   Chart support for December cotton stands at 78.05 cents and 77.20 cents, 
with resistance around 80.60 cents and 81.25 cents. Wednesday morning's 
estimated volume is 25,785 contracts.

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




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