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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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