| |
DTN Closing Cotton 08/28 13:36
Cotton Market Hit by Friday Profit-Taking
After its upside bullish romp Thursday, the cotton market was hit with
Friday profit-taking selling.
Keith Brown
DTN Contributing Cotton Analyst
After its upside bullish romp Thursday, the cotton market was hit with
Friday profit-taking selling. However, we note that the month of August
concludes on Monday, and soon enough, the 2026 harvest will be upon the
industry.
Friday at 3:30 p.m. EDT, the CFTC will update its Commitment of Traders
numbers. Last report showed that the managed-money funds net bought some 5,800
positions, increasing their net-long carry to 78,668 contracts.
On Monday, USDA will update its condition data for the 2026 crop. Last
week's reading had the U.S. crop at 38% good to excellent, well below previous
week and five-year average levels. That report will be out at 4 p.m. EDT.
The U.S. dollar was materially higher Friday after Federal Reserve Chair
Kevin Warsh hinted that interest rate hikes may be needed to curb inflation. In
his debut speech at the Jackson Hole symposium of central bankers, Warsh said
the Fed will "have work to do" should inflation not appear to cool.
For Friday, December closed at 91.38 cents, down 103 points; March 2027
finished at 93.34 cents, minus 106 points; and July 2027 settled at 93.67
cents, 84 points lower. Friday's estimated volume was 67,238 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
(c) Copyright 2026 DTN, LLC. All rights reserved.
Your local weather forecast from DTN can be sent to your email every morning free through DTN Snapshot.
|
|
