| |
DTN Closing Cotton 06/10 13:34
Cotton Recovery Attempt Fails to Materialize Wednesday
What began as a possible recovery session failed to materialize.
Keith Brown
DTN Contributing Cotton Analyst
What began as a possible recovery session failed to materialize.
Technically, December cotton could not hurdle Tuesday's mid-range. Traders will
see export sales and the June WASDE Thursday, followed by Friday's CFTC report.
Thursday, USDA will issue weekly export sales at 8:30 a.m. EDT. Last week's
business saw sales of 185,268 bales for the current marketing year and 77,145
for 2026/27 for a total of 262,413. The prior combined season sales were
265,663 bales, with the four-week average running around 216,000.
Also on Thursday, at noon EDT, USDA will issue the June WASDE. Last month,
government tabulators projected the 2026/2027 crop to be 13.30 million bales,
with a domestic carryout of 3.90 million, and a global supply of 75.05 million
bales. We also note that the official Planted Acres report will be released on
June 30.
Option expiration for the July contract is Friday, June 12, while the Spot
July contract commences delivery on June 24 and runs through July 9.
The June CPI, released earlier today, showed a seasonally adjusted pace of
0.5% for the month, putting the annual inflation rate at 4.2%, in line with
expectations. While the annual rate was in line with the forecast, the monthly
gain was below the 0.3% estimate. The report indicated that much of the
inflation surge came from a 3.9% jump in energy prices, putting the 12-month
increase at 23.5%. Core commodities prices actually posted a 0.1% decline.
For Wednesday, July closed at 71.10 cents, down 16 points; December closed
at 75.30 cents, unchanged; and March 2027 finished at 76.60 cents, 2 points
higher. Wednesday's estimated volume was 98,116 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.
|
|
