Farmers Coop Gin and Elevator

 
Printable Page Cotton News   Return to Menu - Page 1 3 4 5 6
 
 
DTN Closing Cotton            09/21 13:40

   Cotton Lower, Fears Financials

   The cotton market was somewhat overwhelmed Monday by the meltdown in the 
Dow, crude and gold.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market was somewhat overwhelmed Monday by the meltdown in the 
Dow, crude and gold. At one time Monday, the Dow Jones was down well over 1,000 
points. Such volatility proved too much for traders across all markets and thus 
it was a hugely bearish day.

   Monday afternoon, USDA will issue its crop condition data. Last week the 
crop was rated 45% good to excellent, but traders are wanting to see if the 
government allowed for any accounting of Hurricane Sally.

   This Thursday USDA will report its weekly sales and export numbers. Last 
week saw a massive sales number of 519,000 bales, with 400,000 allocated to 
China. However, as steep as the sale was, the cotton market hardly moved, and 
actually finished lower on Friday.

   The U.S. dollar shot higher as the surrounding volatility caused traders to 
take a "flight-to-safety" move. To that end, Great Britain announced a 10 p.m. 
curfew to hopefully stave off another round of COVID-19. There has been talk of 
another complete shutdown of the English nation and even parts of Europe. Such 
action was one reason the U.S. dollar zoomed higher.

   December Cotton closed at 65.24 cents, down 0.42 cent, March closed at 66.24 
cents, down 0.34 cent and December 2021 finished at 65.75 cents, down 0.22 
cent. Estimated volume was 21,621 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com or by calling 
(229) 890-7780.




(c) Copyright 2020 DTN, LLC. All rights reserved.

No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up Free today!
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN