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DTN Cotton Close

Cotton Sharply Up, Dollar, Debt Deal

Jun 01, 2023

The cotton market took its bullish cue Thursday initially from the U.S. house passing the debt-ceiling compromise, and by a subsequent weaker U.S. dollar.

The cotton market took its bullish cue Thursday initially from the U.S. house passing the debt-ceiling compromise, and by a subsequent weaker U.S. dollar. Now that debt legislation will be debated and voted on by the U.S. Senate.

USDA will issue its holiday-delayed export sales Friday morning. Last week's sales were 131,000 bales, off 1%, while shipments were 268,000, down 19%.

Also Friday, the Labor Department will release its monthly jobs report. A strong payroll number should encourage the Federal Reserve to hike rates. Current expectations call for 180,000 nonfarm jobs versus last month's 230,000 jobs. 

The updated U.S. Drought Monitor showed very little improvement for the U.S. Southwest. Several cotton growers have shared with us that as "green" as the weather maps appear, many areas have seen scanty rains, with measurable run-offs.

The one- to five-day forecast calls for heavy rains across the Texas Panhandle. The six- to 10- and the eight- to 14-day outlooks hold above-normal chances for precipitation. However, the more extended 90-day outlook shows above-normal temperatures, with normal to below-normal rains.

There are 14 days till the expiration of July options. The contract will enter delivery on June 26.

Thursday, July settled at 86.42 cents, up 2.94 cents and December 2023 ended at 81.58 cents, 2.11 cents higher. Estimated volume was 61,396 contracts.

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