DTN Morning Cotton Commentary          07/07 07:14

   Cotton Opens Lower After Delay

   The cotton market is slightly lower this morning in its delayed holiday 
opening.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market is slightly lower this morning in its delayed holiday 
opening. The market was closed Friday in observance of Independence Day and was 
scheduled to reopen this morning. The market will have several key reports this 
week, including the CFTC update, export sales and the June WASDE.

   Today at 3:30 p.m. EDT, the CFTC will issue its Commitment of Traders 
Report. Last week, the data showed that the managed-money funds had bought in 
some 2,900 positions, reducing their net-short carry to some 48,000 contracts.

   Also, today at 4 p.m. EDT, USDA will update its crop progress and condition 
numbers. Last week's reading showed the 2025 crop was 95% planted and was rated 
at 51% good to excellent.

   OPEC+ will increase crude oil production by 548,000 barrels per day starting 
in August. This was well above expectations heading into the meeting of the 
bloc. The decision to increase production was based on a steady global economic 
outlook and healthy market fundamentals.

   This Thursday at 8:30 a.m. EDT, USDA will release its weekly export sales 
data. Last week's business showed sales for the expiring old crop season were 
23,700, while sales for the new crop were 106,000. Weekly shipments were 
255,800 bales, up 39%.

   There were zero notices issued today against Spot July cotton. Thus far, 
there have been a total of 226 notices tendered. Its delivery period ends on 
July 9.

   Daily chart support for December cotton stands at 67.75 cents and 67.00 
cents, with resistance at 69.25 cents and 70.25 cents. Monday morning's 
estimated volume is 3,473 contracts.

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




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