DTN Closing Cotton            10/16 14:05

   Cotton Prices Drift on Weak Sales, Harvest Progress, Bearish Outlook

   Cotton prices Friday remain pressured by weak sales, harvest progress, 
bearish outlook.


Keith Brown
DTN Contributing Cotton Analyst

   The cotton market continues to dilly-daddle about as the weight of lingering 
bearish WASDE numbers and 2026 harvesting efforts are keeping a lid on prices.  
Traders were not impressed with weekly exports-sales and will now wait for the 
CFTC update. 

   Highlights from Friday's exports-sales included combined seasonal net sales 
of 154,074 bales. That amount was below the 221,128 bales of last week. 
Cumulative sales for 2026/2027 have reached 45% of USDA's forecast versus a 
five-year average of 54% for this point in the marketing year. Shipments for 
the week totaled 140,561 bales, down from 161,588 the previous week.

   At 3:30 p.m. EDT Friday, the CFTC will update its Commitments of Traders 
numbers. Last week, the managed-money funds net sold some 10,000 positions 
reducing their net-long carry to 63,837 contracts.

   Crude oil posted new highs for the move amid uncertainties of Middle East 
supplies and a larger-than-expected draw from U.S. crude stockpiles. The big 
drawdown in inventories was related to the production shut-downs associated 
with Hurricane Isaias. Other supply jitters are linked to the increased attacks 
in the Strait of Hormuz over the past ten days by Iran. 

   On Monday, USDA will release its Crop Progress report. The previous report 
had the U.S. crop rated 34% good-to-excellent, a slight uptick in its 
condition, while harvest was pegged at 31% versus a five-year average of being 
29% complete.

   For Friday, December closed at 80.00 cents, down 6 points; March 2027 
finished at 83.24 cents, minus 18 points; and July 2027 settled at 85.41 cents, 
15 points lower. Friday's estimated volume was 47,423 contracts.

   Keith Brown can be reached at [email protected]




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