DTN Closing Cotton            09/04 13:37

   Cotton Has Two-Sided Trade

   After a nearly eight-cent slide this week, the cotton market traded both 
sides of Thursday's close.

Keith Brown
DTN Contributing Cotton Analyst

   After a nearly eight-cent slide this week, the cotton market traded both 
sides of Thursday's close. Likely price squaring, as well as position 
flattening occurring given the three-day Labor holiday. Traders did see a 
much-improved jobs report, but still await this afternoon's CFTC data.

   Friday's monthly jobs data for August as reported by the Labor Department, 
showed a net gain of 162,000 non-farm jobs. Expectations had called for 53,000 
new jobs. Friday was in sharp contrast to last month's net job loss of 85,000 
non-farm jobs.

   This afternoon, the CFTC will update its weekly Commitment of Traders 
numbers. Last week, the managed-money funds bought some 17,000 positions, 
swelling their net-long carry to 95,000 contracts. Their record long position 
stands around 108,000.

   The ICE Exchange, among other trading platforms, will be closed Monday in 
observance of Labor Day. Normal trading will resume Monday night.

   Crude oil eased lower Friday yet is still headed for a weekly gain. The 
escalation of U.S.-Iran tensions heightened the concerns of energy supplies. 
Allegedly, recent U.S. attacks killed and wounded dozens, including Iranian 
civilians. It was the fiercest clash between the two countries since July. The 
war has entered its seventh month since beginning with the U.S.-Israeli strikes 
in late February.

   For Friday, December closed at 86.33 cents, down 12 points; March 2027 
finished at 88.62 cents, 18 points; and July 2027 settled at 89.47 cents, 27 
points lower. Friday's estimated volume was 56,552 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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