DTN Cotton Open: Market Quietly Stagnates

    The cotton market seems to be in full-fledged sideways mode as its recent high/low ranges are tight, and volumes are muted. Of course, the market is staring at harvest and a slowdown in exports.

    Thursday at 8:30 a.m. ET, USDA will issue its weekly exports-sales. Of late, foreign business has been shrinking given the global shipping crisis, as well as the harvest unfolding across the Northern Hemisphere. To that end, while global supplies are tightening, world ending stocks are not particularly burdensome.

    Yet there are some growing concerns that consumer confidence is sliding as the purchasing power of the public is being diminished by soaring costs for food and energy needs.

    Weatherwise the one- to five-day forecast has mostly dry conditions across Texas. However, the Delta and the Southeast may see moderate rainfall. The longer-term forecasts call for above average rainfall in the Delta and Southeast, while West Texas appears dry. Given the lateness of the crop we understand some Georgia growers will not commence defoliation efforts till early November.

    For Wednesday, close-in support for December cotton is $1.0675 and $1.0500, while resistance stands at $1.1000, and $1.1150. The estimated morning volume is 5,097 contracts.

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