DTN Cotton Open: Market Moves Quietly Higher

    ©Debra L Ferguson Stock Images

    The cotton market is more about shuffling sideways than racing up or down these days. Traders are watching the unfolding harvest as well as feeling the tightening grip of the global shipping crisis and continue to monitor other outside influences.

    Monday afternoon, USDA issued its crop progress report. The data showed the U.S. crop at 35% harvested versus last week’s pace of 28% complete. Specifically, Texas was 40% harvested versus 47% on average, Georgia stood at 23% versus 37%, Mississippi was 41% versus 72%, and Oklahoma was pegged at 18% versus 21% on average.

    The report also showed the crop was 91% bolls open versus a five-year average of 92%. In addition, the crop was rated at 64% good/excellent, which was unchanged from the previous week.

    The immediate weather outlook shows moderate to heavy rain ranging from the middle of Texas, extending eastward across the Delta and Southeast. However, the 6 to 10-day forecast calls for below-normal precipitation and temperatures for the majority of the U.S. Cotton Belt. If the conditions do occur, they will help speed the progress of the harvest.

    For Tuesday, close-in support for December Cotton is 107.50 cents and 106.00 cents, while resistance stands at 110.15 cents and 111.10 cents. The estimated morning volume is 4,383 contracts.

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