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DTN Closing Cotton            11/28 13:33

   Cotton Swings, but Ends Lower Monday

   The cotton market traded from sharply lower, to slightly higher, to 
triple-digit lower again, as traders experienced an "emotional day."

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market traded from sharply lower, to slightly higher, to 
triple-digit lower again, as traders experienced an "emotional day." The main 
driver for today's bearish action was the news of civil unrest in China. Over 
the weekend, there were widespread protests over the government's very 
restrictive COVID policies.

   Monday afternoon, USDA will issue its weekly crop harvest report. The 2022 
harvest is expected to be at 75% complete. The CFTC will publish its delayed 
Commitment of Traders data Monday afternoon. That report was holiday-delayed on 
Friday, although Friday was not a federal holiday.  

   Traders are anticipating other economic releases this week, such as 
Wednesday's Q3 GDP data, Thursday's weekly exports-sales, and Friday's jobs 
report. The latter is expected to show some 200,000 non-farm jobs were created 
in calendar November.

   Spot December cotton remains in its delivery period. Last week saw a total 
of five notices tendered, but there were none for Monday. Delivery runs through 
Dec. 7, the expiration date for the contract.

   Black Friday is thought to have been a record-breaking sales event, as 
spending topped an all-time high of $5.29 billion online. That amount would be 
up 2.9% year-over-year. Typically, shoppers spend about $2 billion to $3 
billion online in a day. Unfortunately, apparel sales were considered neutral.

   For Monday, December closed at 80.20 cents, down 1.14 cents, March 2023 
finished at 78.95 cents, down 1.23 cents and July 2023 settled at 77.71 cents, 
down 0.93 cent; estimated volume was 26,073 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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