DTN Cotton Close: Futures Fall Further

    ©Debra L Ferguson Stock Photography

    December cotton closed lower again Tuesday. Much like Monday, cotton prices were pressured by last week’s bearish USDA estimates, a forecast for beneficial rains across the southern U.S., and Tuesday’s higher U.S. dollar index.


    December cotton closed down 0.59 Tuesday for many of the same reasons that sent prices lower on Monday. Last week’s bearish estimates from USDA continue to hang over the market, the latest seven-day forecast is expecting beneficial rains from West Texas to the southeastern Atlantic coast, and the September U.S. dollar index traded higher again with more talk that another U.S. rate hike may be on the way.

    Late Monday afternoon, USDA said 80% of cotton was setting bolls and 10% of bolls were open, in line with their usual paces. USDA also said 61% of the cotton crop was rated either good or excellent, up from last year’s 48%. Crop ratings in the largest producing states are looking especially good so far in 2017. Tuesday’s volume was light, but showed evidence of noncommercial liquidation as prices get closer to their lowest levels of the year.

    The short-term trend in December cotton remains down, in line with cotton’s seasonal tendencies. Certified ICE cotton stocks were down 1,260 as of Monday to 18,082. The Cotlook ‘A’ Index was up 0.25 at 78.70.

    General Comments:

    New-crop December cotton closed down 0.59 at 67.16 while March was down 0.64 at 66.98. December corn finished down 7 3/4 cents while November soybeans were down 14 cents and September Chicago wheat was down 11 1/2 cents for the day. The September U.S. dollar index was 0.41 higher at 93.71 while December gold was down $11.60 at $1,278.80. September silver was down 0.45 and September copper was down $0.0225.

    The Dow Jones Industrial Average was 14 points lower at 21,979. September crude oil was down $0.10 at $47.49 with September heating oil down $.0064 while September RBOB gasoline was up $.0039 and September natural gas was $0.023 lower.

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