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DTN Morning Cotton Commentary          11/28 07:38

   Cotton Down on Chinese Civil Unrest  

   The cotton market is sharply lower Monday morning as rising tensions over 
Chinese COVID restrictions are resulting in massive public defiance.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market is sharply lower Monday morning as rising tensions over 
Chinese COVID restrictions are resulting in massive public defiance. A Friday 
night fire killing ten people in lockdown initiated the protests. Currently 
those outpourings are sweeping across China's major cities and universities. In 
addition, the global financial markets are also lower.

   Monday afternoon, USDA will issue its weekly crop harvest report, while the 
CFTC will publish its delayed Commitment-of-Traders data. Last week the 2022 
harvest was 79% gathered versus a 71% pace for the five-year average. For CFTC, 
the managed-money funds were net long some 17,000 contracts.

   Other potentially market-moving events this week include Wednesday's Q3 GDP 
data, Thursday's weekly export 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 
December 7, the expiration date for the contract.

   Monday, support for March cotton stands at 7750 cents and 7660 cents with 
resistance at 8105 cents and 8215 cents. Monday morning's estimated volume is 
6,432 contracts.  

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




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