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DTN Closing Cotton            02/26 13:48

   Cotton Pares Early Losses, Still Lower

   The cotton market finished the day moderately lower after its massive 
limit-down melt Thursday.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market finished the day moderately lower after its massive 
limit-down melt Thursday. Technically, the market was in grave overbought 
territory given it had just traded a 2 and 1/2 year high. Also bearishly 
influencing cotton down was a collapse in copper, lumber, gold and Chicago 
Grains.

   Much of the collective decline was attributable to end-of-the-month 
squaring, plus the tiny uptick in interest rates. The U.S. dollar was markedly 
higher Friday as a result of the U.S. Treasury auction. Bidders jump the yield 
on a 10-year note above 1.50%, an unexpected move. This was a level some 
analysts were thinking could begin to draw money away from the Dow Jones. The 
next auction is next Thursday.

   Friday afternoon the CFTC will release its commitment-of-traders report. 
Traders will not see the numerical effect on the speculator/commercial data 
until next Friday. At last count, the trend-following money funds were net long 
some 68,000-plus contracts.

   May Cotton ended down 1.65 cents for the week, up 6.99 cents for the month 
and up 10.13 cents for the year. May Cotton closed at 88.83 cents, down 0.86 
cent, July settled at 89.71 cents, down 0.66 cent and December cotton ended at 
84.33 cents, down 0.45 cent; estimated volume was 52,647 contracts.

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




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