DTN Morning Cotton Commentary          02/24 07:30

   Cotton Hustles Higher Tuesday

   Right on cue, the cotton market is higher Tuesday after being blatantly 
negative Monday. 

Keith Brown
DTN Contributing Cotton Analyst

   Right on cue, the cotton market is higher Tuesday after being blatantly 
negative Monday. As the end of the month approaches, traders are likely 
re-thinking and squaring-up their positions for the new planting season.

   March cotton is in its delivery and Tuesday saw 16 deliveries issued by Term 
Commodities. The delivery period runs through Monday, March 7. 

   As the month of February draws to a close, traders will get a full dose of 
economic news this Thursday in several reports. The main ones will be Q4 GDP, 
Personal Income, and Jobless Claims, and of course tonight's State of the Union 
address by President Trump.

   On Thursday, USDA will release another weekly export sales report. Last week 
saw a combined seasonal sales number of 335,663 bales, for which the old crop 
was a marketing-year-high amount. Weekly shipments were 172,6000 bales, off 9% 
from the previous week.

   Then on Friday at 3:30 p.m. EST, the CFTC will issue another Commitments of 
Traders report. This past week showed managed-money funds had net sold some 
3,900 contracts, swelling their current bearish position to 79,508 contracts. 
For context, their record high negative carry from last October stands at 
81,343 contracts.

   Chart support for July cotton stands at 66.10 cents and 65.85 cents, with 
resistance around 67.70 and 68.00. Tuesday morning's estimated volume is 24,376 
contracts.

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




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