DTN Closing Cotton            02/12 13:30

   Cotton Keeps Its Composure

   The cotton market eked out a higher close Thursday, despite weaker 
export-sales, and a flash crash occurring in the financial and metals markets. 
Rumors were abounding that the U.S. was near a nuclear settlement with Iran. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market eked out a higher close Thursday, despite weaker 
export-sales, and a flash crash occurring in the financial and metals markets. 
Rumors were abounding that the U.S. was near a nuclear settlement with Iran.

   Highlights from Thursday's weekly export sales report: sales of 231,031 
bales for the 2025-26 marketing year and 50,863 for 2026-27. The total was 
281,894 bales. Cumulative sales for 2025-26 have reached 71% of USDA's forecast 
versus a five-year average of 87% for this point in the marketing year. 
Shipments totaled 188,597 bales, down from 235,313 the previous week. The 
largest buyer was Vietnam at 95,447 bales, followed by Turkey at 45,794. China 
cancelled 53,147 bales.

   The NCC issued its widely anticipated membership survey for 2026 acres. The 
number was all-cotton acres of 8.99 million, down from last year's 9.283 
million. It was a near 3.2% decline.

   Friday at 3:30 p.m. EST, the CFTC will update its Commitments of Traders 
data. Last week the managed-money funds sold some 6,700 positions, swelling 
their net-short position to 71,700 contracts. The record is 81,000-plus, which 
might be challenged in this report.

   The market will be closed this Monday in observance of President's Day 
(actually Mr. Washington's birthday). Trading will resume at 9 p.m. Monday as 
normal. However, all government reports for next week will be delayed by one 
day.

   For Thursday, July closed at 65.98 cents, up 29 points; December 2026 closed 
at 68.45 cents, plus 25 points; and March 2027 finished at 69.43 cents, 24 
points higher. Thursday's estimated volume was 104,566 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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