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DTN Closing Cotton            06/04 13:49

   Cotton Ends Lower Poor Sales

   The cotton market struggled all session to slough off bearish export sales, 
but did close lower Thursday.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market struggled all session to slough off bearish export sales, 
but did close lower Thursday. Thursday morning USDA reported negative old crop 
sales of -10,000 bales, but China was nowhere to be seen. New crop sales were 
positive, but numerically they were off as well. Initially, the market traded 
down, but was able to trade "scratch" by midday. Still into the close, with a 
falling Dow Jones, the cotton futures refused to maintain a positive close. 

   Going into its Friday morning trade, July cotton is trading 2.10 cents 
higher on the week, as well as 2.10 cents up on the month. For the year, prices 
remains down a little over a 10.00 cents, but even that is a slight improvement.

   Friday, the Labor Department will report on the nation's jobs data. 
Hopefully, the trade and the economy will begin to see the worst of coronavirus 
results began to fade.

   Next week, the cotton market will see fresh monthly supply-demand from USDA 
on June 11, followed by option expiration for the July contract on Friday, June 
12.

   July cotton ended at 60.00 cents, down 0.48 cent, December closed at 59.58 
cents, down 0.15 cent and March settled at 60.22 cents, down 0.16 cent. 
Estimated volume was 30,076 contracts.

    

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




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