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DTN Closing Cotton            05/24 14:09

   Cotton Higher on Shorts Covering

   The cotton market staged another bullish session Friday, as speculators 
covered additional positions ahead of the three-day Memorial weekend.

By Keith Brown
DTN Cotton Correspondent

   The cotton market staged another bullish session Friday, as speculators 
covered additional positions ahead of the three-day Memorial weekend. Although 
the December contract is up about 1.25 cents for the week, it roughly down some 
8.00 cents for the month, with the final week of May being next week. 

   Because of the holiday on Monday, USDA will issue its next planting progress 
on Tuesday and weekly sales and exports are delayed until Friday. Some traders 
have suggested that if the old crop has posted even a prospective bottom, 
overly nervous cash buyers are apt to become more active in the old crop cash 
market. Last week saw combined sales of both crop years tally over 500,000 
bales. 

   Weather will be a key fundamental to watch over this long holiday. As it 
stands, Texas looks subject to more rain, as does the northern Delta, while the 
Southeast is melting. Thermometer readings are showing that mid-to-upper 90s 
will dominate the forecast. 

   With the approach of June, the market will see another round of vital USDA 
data. The monthly supply-demand report comes on June 11, and the Planted 
Acreage Report is due on the Friday, June 28. July Options will expire on June 
14 and July's delivery will commence on June 24. Right about that time the G-20 
meeting in Japan falls on June 28-29. Supposedly, Presidents Trump and Xi will 
gather to jump start the stalled trade talks. 

   Friday July cotton settled at 68.39 cents, up 0.91 cent, December finished 
at 67.55 cents, up 0.72 cent and March cotton closed at 68.34 cents, up 0.78 
cent. Estimated volume was 25,860 contracts.   

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


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