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DTN Morning Cotton Commentary 10/24 07:50
Cotton Slips, Awaits Malaysia
The cotton market is slightly off today as traders await any news coming for
the U.S./China talks being held in Malaysia this weekend.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market is slightly off today as traders await any news coming for
the U.S./China talks being held in Malaysia this weekend. In addition, there
are new consumer inflation numbers out today. In other news, the U.S.
government is in its 24th day of shutdown. The Chicago grains are lower, while
U.S. stock markets are higher on better earnings data. In fact, some
researchers suggest that the S&P could test 7,000. The U.S. dollar is higher,
crude oil is unchanged and gold is lower. Lastly, as of now, Trump will meet
with Xi at the Asia Pacific CEO Summit later this month.
Today's CPI's data revealed that inflation is "squirreling lower." According
to today's Bureau of Labor Statistics report, the consumer price index showed a
0.3% increase on the month, putting the annual inflation rate at 3%.
Expectations were calling readings of 0.4% and 3.1%. Excluding food and energy,
core CPI showed a 0.2% monthly gain and an annual rate also at 3%, compared to
respective estimates of 0.3% and 3.1%.
Daily chart support for December cotton stands at 63.45 cents and 62.80
cents, with resistance at 64.50 cents and 64.70 cents. Friday morning's
estimated volume is 3,764 contracts.
Keith Brown can be reached at commodityconsults@gmail.comor by calling (229)
890-7780.
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