DTN Closing Cotton            09/18 13:46

   Cotton Prices Hit New Lows Friday Amid Harvest Pressure

   The cotton market posted new lows for the move as a possible early-session 
attempt to stabilize fell through. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market posted new lows for the move as a possible early-session 
attempt to stabilize fell through. Traders continue to fret over the larger 
speculative net-long position, as well as impending harvest pressure. 
Allegedly, there is a fear that China will cancel next week's trip if the US 
approves $14 billion arms sales to Taiwan.  

   Today at 3:30 p.m. EDT, the CFTC will update its closely watched Commitments 
of Traders report. Last week's data showed managed money traders were net 
sellers of 7,807 contracts, which reduced their net long carry to 100,170. 
Their record stands at 108,788 contracts. 

   The U.S. Dollar Index posted new highs today. Given the Federal Reserve's 
recent rate increase, traders now expect another hike in December. Also, the 
US-Iran conflict continues to maintain the Greenback's flight-to-quality 
status. 

   The six-to-ten-day weather outlook shows above to muchabove normal 
temperatures for most of the country. Rain-wise, West Texas looks to have 
above-normal precipitation, while the Delta rates normal and the Southeast will 
have slightly-above normal chances.  

   For Friday, December closed at 81.15 cents, minus 102 points, March 2027 
finished at 83.79 cents, off 102 points, and July 2027 settled at 85.46 cents, 
79 points lower. Friday's estimated volume was 67,983 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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