DTN Closing Cotton            12/02 13:33

   Cotton Whiles Away the Day

   The cotton market put in another lethargic performance today, replete with 
narrow daily trading ranges. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market put in another lethargic performance today, replete with 
narrow daily trading ranges. For the most part, traders are waiting on this 
week's export sales, next week's crop report and central bank meeting.

   Today at 3:30 p.m. EST, the CFTC will publish updated Commitment of Traders 
data. Its previous catch-up release of last Wednesday, Nov. 25, showed that the 
managed-money funds posted a new record net-short position in excess of 
80,000-plus contracts.

   Spot December contract remains in its delivery period, and today there were 
12 notices issued. Thus far, the total notices tendered stand at 185 contracts. 
Delivery runs through Dec. 7.

   This Thursday, USDA will issue its weekly export sales report for the week 
ending Oct. 30. Currently, cumulative sales for 2025/26 have reached 44% of 
USDA's forecast versus a five-year average of 60% for this point in the 
marketing year.

   As mentioned, the Federal Reserve will meet next week, and hopes are running 
high for an interest rate reduction. According to the CME Fed-Tool, the odds 
for a cut have moved from an earlier, low-ebb 40% chance to the current 87% 
odds for a one-quarter cut in the Fed Funds rate in the December meeting.

   For Tuesday, March 2026 went out at 64.57 cents, minus 6 points; July was 
66.71 cents, down 4 points; and December 2026, halted at 67.99 cents, 4 points 
lower. Tuesday's estimated volume was 29,915 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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