DTN Closing Cotton            03/11 13:29

   Cotton Market Presses Overhead Resistance, Awaits Key Reports

   The cotton market continued to push against its overhead resistance today 
but still fell short of a technical breakout. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market continued to push against its overhead resistance today 
but still fell short of a technical breakout. Traders, of course, are 
maintaining vigilance on the Middle East, and as well as anticipating the rest 
of this week's cotton reports.

   Thursday, USDA will issue its weekly export sales report. Last week's 
current seasonal sales were 150,000 bales, off 41%. However, weekly shipments 
of 282,000 bales constituted a marketing-year high pace. The data will be out 
at 8:30 a.m. EDT.

   Then this Friday at 3:30 p.m. EDT, the CFTC will update its Commitment of 
Traders data. Last week, the managed-money funds net sold some 7,500 positions, 
increasing their net-short carry to 73,973 contracts. For context, their record 
bearish position stands at 81,358 contracts.

   The U.S. dollar edged higher today amid the obvious concerns of further 
escalation in the U.S. and Israel-Iran conflict. Additionally, U.S. economic 
data showed that consumer prices rose moderately in February. Global Investors 
fear that an out-of-hand Middle East could freeze the global energy trade and 
ignite a further price shock.

   For Wednesday, July closed at 67.08 cents, down 9 points; December 2026 
closed at 69.77 cents, minus 8 points; and March 2027 finished at 70.76 cents, 
8 points lower. Wednesday's estimated volume was 57,080 contracts.

   Keith Brown can be reached at [email protected]




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