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DTN Morning Cotton Commentary 02/14 08:09
Cotton Squares Higher
The cotton market is edging up Friday as some traders are adjusting their
position ahead of the three-day Presidents Day holiday.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market is edging up Friday as some traders are adjusting their
position ahead of the three-day Presidents Day holiday. Still, the main task of
the market is to orderly conclude the liquidation of Spot March ahead of its
delivery.
The Commerce Department published new U.S. retail sales numbers Friday
morning. Expectations call for a decline of 0.1% versus a previous ride of
+0.4% rise in December. However, Friday's month-over-month reading was minus
-0.4%.
This afternoon at 3:30 p.m. EST, the CFTC will update its latest Commitment
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.
The ICE market will be closed this Monday, Feb. 17, for Presidents Day.
Trading will resume on Monday night at 9 p.m. EST.
The U.S. dollar remains strong, but traders liked the fact that the latest
Trump tariffs were reciprocal. That is, they matched the tariff amounts that
other countries charge the U.S. Of course, additional tariffs remain on the
table, if the trade deficits are not more closely balanced.
For Friday, close-in chart support for March cotton stands at 69.00 cents
and 68.50 cents, with 69.90 cents and 70.25 cents as resistance. Friday
morning's estimated volume stands at 15,235 contracts.
Keith Brown can be reached at commodityconsults@gmail.com or by calling
(229) 890-7780.
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