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DTN Closing Cotton            12/01 13:38

   Cotton Trades Furious Session

   The market posted an early overnight range of 3.00-cents-plus, before 
trading up and down several times during the day.

Keith Brown
DTN Contributing Cotton Analyst

   The market posted an early overnight range of 3.00-cents-plus, before 
trading up and down several times during the day. Cotton attempted to recover 
its recent losses, but the bulls lost control and prices fell even lower. The 
seesaw action in cotton somewhat mimicked the recovering trading of the outside 
markets such as the Dow Jones, crude il and gold.

   Thursday morning, USDA will issue its latest export-sales information. Last 
week saw sales of nearly 200,000 bales, with China at the top buyer. Current 
season sales are running 62% of USDA's projected target.

   Some analysts are reporting that China's Xinjiang crop is larger than 
expected. However, several western countries have banned cotton and other 
commodities from that region due to human rights violations. Still, the crop is 
large and China will use it in some way.

   Traders are also aware of the heavily-long position held by certain 
speculators. Monday's CFTC report indicated the managed-money funds are net 
long some 83,000-plus contracts. That level nearly exceeded their highest 
concentration of net long holdings since mid-2018. If cotton's charts began to 
"our, those traders may elect to vacate, which could result in more selling.

   Wednesday, December settled at 109.39 cents, down 2.26 cents, March ended at 
104.19 cents, down 2.22 cents and December 2022 ended at 86.40 cents, 0.31 cent 
lower; estimated volume was 51,405 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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