DTN Closing Cotton            03/09 13:34

   Cotton Holds Higher

   Despite the day's massive volatility swings in the energies, metals, and 
grains, somehow cotton quietly stayed aloft.

Keith Brown
DTN Contributing Cotton Analyst

   Despite the day's massive volatility swings in the energies, metals, and 
grains, somehow cotton quietly stayed aloft. Traders may be hoping that 
Tuesday's supply-demand update might reveal less production and thus less 
carryout. Also, if -- and that is if -- the Middle East calms, then the U.S. 
dollar could reset lower.

   Spot March cotton expired Monday at 63.59 cents. In total, the contract saw 
a total of 630 delivery notices tendered against it.

   Tuesday at noon EDT, USDA will release its updated supply-demand tables via 
the March WASDE. Average trade estimates for 2025/26 U.S. cotton production 
stand at 13.90 million bales, slightly down from the 13.92 million reported in 
February. Exports are expected at 11.97 million bales versus 12.00 million in 
February, and ending stocks are expected to be at 4.36 million bales compared 
to the previous 4.40 million bales. World 2025/26 production is expected at 
119.80 million bales, versus the 119.86 million in February. Consumption looks 
to be 118.75 million versus 118.72, and ending stocks are projected at 74.80 
million bales versus 75.11 in the February update.

   This Thursday, USDA will issue its weekly export sales report. Last week's 
current seasonal sales were 150,000 bales, off 41%. However, weekly shipments 
of 282,000 bales constituted a marketing-year high pace. The data will be out 
at 8:30 a.m. EDT.

   For Monday, July closed at 66.57 cents, up 41 points; December 2026 closed 
at 69.33 cents, plus 46 points; and March 2027 finished at 70.28 cents, 46 
points higher. Monday's estimated volume was 68,862 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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