DTN Closing Cotton: Cotton Finishes Friday Higher
By Keith Brown, DTN Contributing Cotton Analyst
The cotton market was able to ignore a massive secondary meltdown in the Dow Jones and related stock markets to finish its Friday session markedly higher. For the week, December cotton was up 0.03 cent and thus far for the month, it’s down 0.05 cent.
The market was closed Monday in observance of Labor Day weekend. However, this week will bring several key cotton reports. On Tuesday, USDA will issue its normal crop condition report. Last week saw the nation’s crop decline 2 percentage points in the good-to-excellent categories. Then, because of the holiday, weekly export-sales are pushed back to 8:30 a.m. Friday morning. In addition, USDA will release its monthly supply-demand data that same day. Last month the trade was disappointed when the government increased the size of the 2020 crop to slightly over 18.00 million bales. At that time, traders were anticipating a crop of 17.20 million. so, it seems someone has some “adjusting” to do.