DTN Closing Cotton            07/31 13:35

   Cotton Meanders at Month's End 

   The cotton market had a late-session rally and closed higher Friday. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market had a late-session rally and closed higher Friday. For the 
month of July, December cotton finished some 450 points higher. Now, it's on to 
a new trading month come Monday!

   Friday at 3:30 p.m. EDT, the CFTC will update its Commitments of Traders 
data. Last week's results showed the managed-money funds bought some 3,500 
futures, further swelling their net-long position to 53,209 contracts.

   Crude oil prices were higher Friday after Iran said it attacked two tankers 
transiting the Strait of Hormuz. The Islamic Revolutionary Guard said it hit 
the tankers as they tried to transit Hormuz under U.S. military escort. 
According to the IRGC state-run press, four other tankers turned back after the 
strikes. However, U.S. and British maritime security organizations that monitor 
traffic in the Middle East have not confirmed the attacks.

   For Friday, December closed at 81.79 cents, up 112 points; March 2027 
finished at 83.36 cents, up 111; and July 2027 settled at 83.95 cents, up 99 
points. Friday's estimated volume was 35,227 contracts.

    

   Keith Brown can be reached at commodityconsults@gmail.com




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