DTN Closing Cotton            10/14 13:31

   Cotton Remains Down-and-Dirty

   The cotton market traded lower Monday for its entire 17-hour session.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market traded lower Monday for its entire 17-hour session. A 
strong U.S. dollar, a struggling Chinese economy, and seasonal harvest pressure 
collectively kept prices "under thumb".

   USDA's weekly crop condition and harvest reports are delayed until Tuesday, 
in light of the Columbus Day Holiday. Last week saw the crop rated at 29% 
good/excellent versus the previous 31%, with harvest at 26% complete, compared 
to the 5-year pace of 22% gathered.

   This week's export sales report is delayed until Friday morning at 8:30 a.m. 
EDT due to the observance of Columbus Day. However, several other economic 
reports will be issued on Thursday. They include retail sales, industrial 
production, and business inventories.

   Crude oil fell nearly 2% Monday after OPEC cut its demand forecast 2024. 
Monday's announcement marks the third consecutive time the cartel has lowered 
its consumption outlook. Numerically, OPEC now sees demand growing by 1.9 
million barrels per day (bpd) in 2024, down from 2 million bpd in its previous 
forecast. The club expects demand to grow by 1.6 million bpd in 2025, compared 
with 1.7 million bpd previously.

   The six-to-ten-day forecast calls for above-normal rainfall for Texas, with 
near normal chances for the Southeast. Temperatures are looking to be above 
normal for Texas, as well as the Delta and the Southeast. 

   For Monday, December ended at 71.03 cents, down 1.18 cents, March 2025 was 
73.19 cents, down 1.14 cents, and July 2025 was 75.56 cents, 1.01 cents lower. 
Monday's estimated volume was 40,394 contracts

   Keith Brown can be reached at commodityconsults@gmail.com




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