DTN Morning Cotton Commentary          01/16 07:16

   Cotton Creeps Higher 

   The cotton market is ever so gingerly higher Friday morning ahead of a long 
holiday weekend. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market is ever so gingerly higher Friday morning ahead of a long 
holiday weekend. Traders continue to assess the positive aspects of USDA's 
January WASDE, as well as Thursday's strong export sales.

   The market will be closed Monday in observance of the Martin Luther King Day 
holiday. However, trading will resume at 9 p.m. EST Monday night as part of 
Tuesday's session. Thus, there will be no DTN commentary this Monday.

   Friday at 3:30 p.m. EST, the CFTC will update its Commitments of Traders 
information. Last Friday's numbers showed managed-money funds had net bought 
some 1,300 positions, reducing their net carry to 47,700 contracts.

   Traders are still waiting to see if the U.S. Supreme Court upholds President 
Trump's tariffs. Supposedly, a ruling will be announced soon. However, if the 
tariffs are invalidated, the Trump administration says it has other "legal 
options" to keep them in place. 

   Chart support for March cotton stands at 64.40 cents and 64.00 cents, with 
resistance hovering about 65.25 cents and 65.80 cents. Friday morning's 
estimated opening volume is 6,645 contracts.

    

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




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