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DTN Closing Cotton            06/24 13:41

   Cotton Leaves Traders Speechless

   The cotton market's devastating meltdown this week left traders financially 
poorer and speechless.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market's devastating meltdown this week left traders financially 
poorer and speechless. From last Friday's close, the market has spilled some 
22.00 cents lower. Fears of a recession, continued Chinese lockdowns and 
improving West Texas weather collectively weighed on prices. 

   Next Thursday, USDA will issue its planted acres report. Early expectations 
are calling for an increase in plantings for this season.

   Friday afternoon the CFTC will issue its weekly commitment of traders 
report. However, its data will be as of this past Tuesday's settlement. Thus, 
the complete speculative liquidation picture will not be known until next week.

   The Dow Jones was higher Friday. Early on, a consumer sentiment report 
showed a slight easing of inflation expectations. The Dow Jones Industrial 
Average rose 646 points or 2.1%. All three major averages are looking to snap 
three-week losing streaks.

   For Friday, July cotton settled at 103.76 cents, down 32.56 cents, December 
closed at 98.05 cents, down 3.96 cents and March 2023 finished at 93.52 cents, 
4.21 cents lower. Today's estimated volume was 43,493 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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