|
|
|
|
|
|
|
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
(c) Copyright 2022 DTN, LLC. All rights reserved.
Get your local Cash Bids emailed to you each morning from DTN – click here to sign up for DTN Snapshot.
|
|
|
|