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DTN Morning Cotton Commentary 01/21 07:09
Cotton Has Winter Blues
The cotton market is somewhat frozen in place, not wanting to break or
rally.
Keith Brown
DTN Contributing Cotton Analyst
The cotton market is somewhat frozen in place, not wanting to break or
rally. The ICE futures continue to beat out a narrow, sideways path, waiting on
some new fundamental or technical twist to emerge. Most eyes are focused on the
geopolitical events unfolding around the world.
President Trump will lay out his worldview agenda at the Davos Economic
summit Wednesday in Switzerland. He will make the U.S. case for acquiring
Greenland.
The potential for another shutdown of the U.S. government is looming large.
Both chambers of Congress are trying to pass certain funding legislation, but
politics have typically entered the fray.
With the observance of the Martin Luther Kind Day holiday, most government
reports will be delayed a day. Thus, weekly export sales will be released
Friday at 8:30 a.m. EST.
Also on Friday, the CFTC will update its Commitments of Traders information.
Last Friday's numbers showed managed-money funds had net-sold some 2,600
positions, increasing their net-short carry to 50,392 contracts.
Chart support for March cotton stands at 64.20 cents and 63.85 cents, with
resistance hovering about 65.00 cents and 65.25 cents. Wednesday morning's
estimated opening volume is 7,205 contracts.
Keith Brown can be reached at commodityconsults@gmail.com or by calling
(229) 890-7780.
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