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DTN Closing Cotton 02/14 13:38
Cotton Sputters Higher Friday
The cotton market spent Friday's entire session higher, although it was
muted trade.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market spent Friday's entire session higher, although it was
muted trade. In fact, given the amount of reduced open interest for spot March,
the volume was noticeably lower.
Friday afternoon at 3:30 p.m. EST, CFTC will update its latest Commitments
of Traders data. For two consecutive weeks the managed-money funds have posted
record net-short positions. At last count, that group was 62,000-plus contracts
net short.
Supposedly on Sunday morning, the National Cotton Council will announce its
membership survey for 2025 acres. Most analysts expect a drastically lower
number than any of recent years, if not to tell the truth, but also as an
attempt to positively sway the new-crop market.
The ICE Market will be closed this Monday for Presidents Day. Trading will
resume Monday night at 9 p.m. EST.
Crude oil was slightly lower Friday on the prospects for a peace deal
between Russia and Ukraine. Some analysts believe such an event could ease
global supply disruptions, as lifting sanctions on Moscow could boost global
energy supplies
For Friday, March was 67.11 cents, up 28 points; July ended at 69.11 cents,
plus 23 points; and December finished at 69.39 cents, 24 points lower. Friday's
estimated volume was 55,603 contracts.
Keith Brown can be reached at commodityconsults@gmail.com
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