DTN Closing Cotton            11/25 13:34

   Cotton Consolidates Higher

   The cotton market held on to its partial gains today as some traders, based 
on their current positions, began squaring-up for the Thanksgiving holiday.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market held on to its partial gains today as some traders, based 
on their current positions, began squaring-up for the Thanksgiving holiday.

   Earlier today, USDA released its weekly export sales (week ending Oct. 9). 
The report showed there were net sales of 157,636 bales for 2025/2026 season 
versus the 198,985 bales of the previous week. Cumulative sales for 2025/2026 
have reached 4.57 million bales, down from 5.14 million bales for this time 
last year and below the five-year average of 7.02 million bales. It's the 
lowest sales level since 2015/2016. Sales have reached 41% of USDA's forecast 
versus a five-year average of 56% for this point in the marketing year.

   The weekly Crop Progress report showed 79% of the U.S. cotton crop had been 
harvested as of Nov. 23, up from 71% the previous week, but down from 83% a 
year ago. The five-year average for this date is 80%. Texas was 70% harvested, 
up from 60% last week, the same as a year ago and below the five-year average 
of 75%. Georgia was 80% harvested, up from 70% last week, 76% a year ago and 
above the five-year average of 75%.

   Tuesday, there were 28 notices tendered against the Spot December contract. 
That brings the total to 171. The issuer was RJO and the stoppers were Term, SG 
Americas and Macquarie. The delivery process runs through Dec. 7.

   The market will be closed Thursday in observance of Thanksgiving. There will 
be a delayed opening on Friday with trading starting at 8 a.m. EST and will 
close early at 1:30 p.m. EST.

   For Tuesday, March 2026 closed at 64.23 cents, plus 23 points; July 2026 
settled at 66.51 cents, up 17 points; and December 2026, ended at 67.76 cents, 
up 12 points. Tuesday's estimated volume was 34,970 contracts.

   **

   Mark your calendars for the next DTN Ag Summit "Planning for Success" on 
Dec. 3-4 from 9:30 to 11:30 a.m. CST. Sign up here: 
https://dtn.link/DTNAgSummit.

   Cyclical challenges in the grain market and shifting power dynamics in the 
cattle complex highlight the necessity of preparedness, not only to mitigate 
risk, but also to maximize opportunities.

   In our capstone DTN Ag Summit event, we'll hear directly from young farmers 
and ranchers about the approaches they're taking to set their businesses up for 
success and from DTN experts with critical outlooks to help you craft your game 
plan for 2026.

   Featured DTN speakers include Lead Analyst Rhett Montgomery, Ag 
Meteorologist John Baranick and Livestock Analyst ShayLe Stewart for respective 
outlooks on the grain market, weather and cattle. Senior Editor Dan Miller 
welcomes a panel of DTN's America's Best Young Farmers and Ranchers award 
recipients -- Lucas and Dana Dull and Lillie and Brian Beringer-Crock -- to 
discuss new avenues of business and pivots each have made to welcome more 
agritourism to their operations.

   Keith Brown can be reached at commodityconsults@gmail.com




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