DTN Morning Cotton Commentary          06/30 07:29

   Cotton Corrects Ahead of Report 

   After several consecutive higher closings, the cotton market is tailing off 
ahead of Monday's acres report. 

Keith Brown
DTN Contributing Cotton Analyst

   After several consecutive higher closings, the cotton market is tailing off 
ahead of Monday's acres report. Afterwards, traders will then assess other 
economic and political events before Friday's observance of the Fourth of July 
holiday. 

   Last Friday, CFTC updated its Commitments of Traders information. Its data 
revealed managed-money funds "bought-in" some 2.900 positions, reducing their 
net-short carry to 48,085 contracts.

   The ICE reported there were no deliveries placed against the spot July 
contract Monday. Thus far, there have been some 225 notices tendered. The 
delivery will end on July 9.

   At noon EDT Monday, USDA will issue its long-awaited planted acres data for 
2025. The average trade expectation is 9.735 million acres, within a range of 
expectations from 8.800 million to 9.985 million. If realized, acres would be 
down 1.3% from the March Intentions of 9.87 million, and down from 11.14 
million acres of last year.

   Also Monday at 4 p.m. EDT, USDA will update its crop progress/condition 
numbers. Last week's reading showed the 2025 crop was 92% planted versus the 
five-year average of 95%. It was rated at 47% good to excellent, compared to 
the previous season's 48%.

   Daily chart support for December cotton stands at 68.30 cents and 67.50 
cents, with resistance at 70.00 and 70.50. Monday morning's estimated volume is 
8,710 contracts. 

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




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