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DTN Closing Cotton            12/07 13:35

   Cotton Lower on Report Squaring

   The cotton market was lower Tuesday as traders began to position themselves 
for Thursday's USDA reports.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market was lower Tuesday as traders began to position themselves 
for Thursday's USDA reports. To that end, USDA will issue its weekly 
exports-sales followed by its monthly supply-demand update Thursday. To the 
latter, traders essentially are expecting an increase in domestic ending 
stocks, but a slight reduction in global carryout. 

   The US Dollar was higher today as traders await the outcome of next week's 
monthly meeting of the Federal Reserve. Of course, Fed Chairman Powell has 
already indicated his desire to tighten the stimulus belt, with higher interest 
rates soon to follow.

   Crude, and its related energy markets, were higher Tuesday after Saudi 
Arabia increased their global prices of oil over the weekend. In addition, 
given the downplay of the omicron variant, speculators are flocking to buy 
travel stocks and the corresponding energy futures.

   Tuesday, December settled at 111.27 cents, down 0.74 cent, March ended at 
106.37 cents, down 0.64 cent and December 2022 ended at 89.78 cents, 0.29 cent 
lower; estimated volume was 17,520 contracts.

   Keith Brown can be reached at [email protected]




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