Keith Brown DTN Contributing Cotton Analyst
November 24, 2022
After trading sharply lower Wednesday morning, the cotton market was able to stage a comeback and finished Wednesday's session a bit higher. A weaker U.S. dollar, a strong Dow Jones and higher Chicago grains all contributed to the pre-holiday action. The market will be closed Friday in observance of Thanksgiving, and then trade an abbreviated session on Friday.
Spot December cotton is in delivery, but thus far no notices have been tendered. Delivery commenced Tuesday and will run through its expiration, which is Dec. 7. Thursday's weekly export sales will be pushed back to Friday. Last week saw abysmal sales of a mere 30,000 or so bales. For Wednesday, December closed at 83.94 cents, up 0.72 cent, March 2023 finished at 82.90 cents, up 0.48 cent and July 2023 settled at 81.24 cents, up 0.46 cent higher; estimated volume was 13,774 contracts. (Source: qualitygin.com)