DTN Closing Cotton            03/02 13:31

   Cotton Has Nominal Retreat

   The cotton market was somewhat lower today amid the surrounding war news. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market was somewhat lower today amid the surrounding war news. 
However, it was also a bit overbought from last week's rally, having posted its 
highest close since early January.

   The U.S. dollar remained sharply higher today. In addition, to the 
flight-to-quality response to the Iranian situation, there was some technical 
buying as well, as the Greenback crossed over certain overhead chart resistance.

   Spot March cotton saw zero delivery notices today. Thus far some 504 
delivery tenders have been issued. The delivery period runs through Monday, 
March 9.

   The Climate Prediction Center reported that 84% of the U.S. cotton area is 
in some form of drought conditions. The 6- to 10-day forecast calls for 
much-above normal temperatures for the U.S. Cotton Belt. However, there are 
also above-normal chances for rainfall for much of the same area.

   Later in the week, traders will see weekly export sales on Thursday, rounded 
out by Friday's jobs data.

   For Monday, July closed at 66.41 cents, down 91 points; December 2026 closed 
at 68.92 cents, minus 78 points; and March 2027 finished at 69.94 cents, 70 
points lower. Monday's estimated volume was 73,225 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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