DTN Cotton Close: Futures End Both Day, Week Higher

    ©Debra L Ferguson Stock Photography

    The cotton market finished out Friday and week higher amid swelling concerns over the development of the 2021 crop. Currently, certain sources in West Texas, the Delta and the Southeast have all acknowledged their respective field conditions are turning adverse with too much rain.

    To that end, over the next three days Texas is likely to receive an additional one to three inches of rain, while the Delta and the Southeast are warily watching Hurricane Elsa as she plows across the lower Caribbean Basin.

    Friday afternoon CFTC will issue an update of its Commitments of Traders report. As of last week, certain managed-money funds had increased their net-long positions.

    The market will be closed Monday in observance of the Fourth of July. However, normal trading will reportedly commence Monday night. With the close Monday all USDA reports will be delayed by one day. Thus, crop conditions will be out Tuesday afternoon and weekly exports sales will be Friday. The next supply-demand update will be released on Monday, July 12, at noon.

    December cotton ended the week down .21 cent, but finished 2.07 cents higher on the month and 13.27 cents higher for the year.

    For Friday, July closed at 86.03 cents, up 1.02 cents; December settled at 86.97 cents, up 1.07 cents; and March (2022) ended at 86.76 cents, .97 cent higher. Friday’s estimated volume was 20,297 contracts.

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