DTN Morning Cotton Commentary          05/08 07:11

   Cotton Market Quiet Ahead of 'Storm'

   The cotton market is essentially unchanged this morning.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market is essentially unchanged this morning. Traders are 
somewhat sidelined awaiting the outcome of the 48-hour peace deal deadline 
given by the U.S. to Iran. Failure to respond could result in new weekend 
attacks. Traders are also keen on today's jobs report, the CFTC update, next 
week's supply-demand data and the Trump/Xi trade meeting.

   This morning, the Labor Department will issue its monthly jobs report. The 
tally is expected to show that some 55,000 new non-farm jobs were created last 
month. The news is out at 8:30 a.m. EDT.

   Later today, at 3:30 p.m. EDT, the CFTC will update its Commitment of 
Traders information. Last week, the report showed that the managed-money funds 
bought some 3,800 positions, strengthening their net-long carry to 38,355 
contracts.

   Next week, traders will see new crop progress numbers on Monday, and an 
updated U.S. Drought Monitor, the May supply-demand report on Tuesday, and the 
outcome of the Trump/Xi trade meeting on Wednesday/Thursday.

   The 6- to 10-day forecast (May 13-17) shows above to much-above temperatures 
for Texas and the Southwest, but normal reading for the U.S. Delta and the 
Southeast. Rainwise, Texas has slightly above-normal chances, with the rest of 
the Cotton Belt showing only normal opportunities.

   Chart support for July cotton stands at 81.80 cents and 81.00 cents, with 
resistance around 84.25 cents and 85.25 cents. Friday morning's estimated 
volume is 15,321 contracts.

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




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