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DTN Morning Cotton Commentary          01/25 08:39

   Cotton Up, Watches Dow

   Despite the wild and violent collapse, and a subsequent recovery rally by 
the Dow Jones, the cotton market kept its cool Monday. 

Keith Brown
DTN Contributing Cotton Analyst

   Despite the wild and violent collapse, and a subsequent recovery rally by 
the Dow Jones, the cotton market kept its cool Monday. Tuesday morning it is 
higher but is keeping a tight watch on the Dow. The Russia/Ukraine situation 
remains unresolved and scary, while the Federal Reserve will announce any 
monetary policy changes on Wednesday at 2 p.m. EST.

   This Thursday USDA will issue its weekly export sales report. While weekly 
sales waned somewhat last time, shipments were the strongest this year. If the 
market can sense the global supply-chain crisis is indeed mitigating, traders 
will see that improvement as a big positive.

   The U.S. dollar remains stout as it awaits news from the Fed's two-day 
policy meeting. It is rumored the Fed will announce an interest hike as soon as 
this March. Higher rates translate into a stronger Greenback which, 
theoretically, can be a hindrance to exports of most U.S. goods, especially 
cotton.

   For Tuesday, close-in support for March cotton is 120.20 cents and 119.20 
cents, while resistance stands at 122.00 cents and 122.80 cents. The estimated 
morning volume is 6,103 contracts.

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




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