DTN Morning Cotton Commentary          06/02 07:23

   Cotton Rebounds Tuesday 

   After a fairly discouraging trade on Monday, the cotton market is moderately 
higher Tuesday. 

Keith Brown
DTN Contributing Cotton Analyst

   After a fairly discouraging trade on Monday, the cotton market is moderately 
higher Tuesday. Early Monday, the ICE futures were sharply higher on the 
weekend news that India was reducing her import tariffs on cotton. Then came 
the USDA's announcement of a new program to promote U.S. cotton.  Still, the 
market was unsure of its standing and precipitously fell lower.

   Monday afternoon, USDA updated its planting progress reports. The weekly 
Crop Progress report showed 66% of the U.S. cotton crop was planted as of May 
31, up from 53% the previous week and 64% a year ago and just slightly behind 
the five-year average for this date at 67%. Texas was 56% planted, down from 
the five-year average at 59%; Georgia was 72% planted versus a five-year 
average of 75%; Arkansas was 88% planted versus 91% on average; and Mississippi 
was 83% planted versus 80% on average.

   This Thursday, USDA will issue fresh export sales data. Last week saw net 
sales for old crop at 153,000 bales, up 17%, and new crop at 112,000. Weekly 
shipments were 317,700, up 10% weekly.

   Friday, the Labor Department will release its jobs numbers for May. Last 
month's data showed a much higher employment rate than most were expecting. 

   Chart support for December cotton stands at 79.50 cents and 79.00 cents, 
with resistance around 81.75 cents and 82.25 cents. Tuesday morning's estimated 
volume is 15,702 contracts.

    

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




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