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DTN Closing Cotton 09/03 13:34
Cotton Pushes Even Lower on Liquidation, Selling
The cotton market pushed even lower Thursday as liquidation and selling by
speculators fueled the bearish action.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market pushed even lower Thursday as liquidation and selling by
speculators fueled the bearish action. The market saw poor weekly export sales
earlier and was also bearishly influenced by the Chicago grains. Traders will
now assess Friday's CFTC report ahead of the Labor Day weekend.
Highlights from Thursday's export sales include net sales of 27,525 bales
for the current marketing year. Cumulative sales have reached 37% of USDA's
forecast versus a five-year average of 45%. Shipments tallied 189,480 bales, up
from the 181,025 bales shipped the previous week.
On Friday, traders will see new monthly jobs data for August. Last month,
the Labor Department reported a net job loss of 85,000 non-farm jobs. The
report is out at 8:30 a.m. EDT.
Also, on Friday at 3:30 p.m. EDT, the CFTC will update its weekly Commitment
of Traders numbers. Last week, the managed-money funds bought some 17,000
positions, swelling their net-long carry to 95,000 contracts. Their record long
position stands around 108,000.
The general marketplace will be closed this Monday for the Labor Day
holiday. Normal trading will resume Monday night.
For Thursday, December closed at 86.45 cents, down 248 points; March 2027
finished at 88.80 cents, minus 250 points; and July 2027 settled at 89.74
cents, 249 points lower. Thursday's estimated volume was 92,253 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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