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DTN Morning Cotton Commentary          05/23 08:14

   Cotton Up, Follows Outside Markets   

   The cotton market is higher Monday morning as it is receiving encouraging 
vibes from surrounding markets.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market is higher Monday morning as it is receiving encouraging 
vibes from surrounding markets. The Dow, grains, metals and energies are all 
reflecting a "risk-on" attitude.

   Monday the U.S. announced a new trade alliance called the Indo-Pacific 
Economic Framework with Asian partners including Australia, Japan and the 
Republic of Korea. The plan is designed to help expand the U.S. economic 
leadership in the Indo-Pacific region.

   Last Friday, CFTC issued its Commitments-of-Traders Report. The data showed 
managed-money funds were net sellers of 3,041 futures last week, which reduced 
their net long to 67,686 contracts.

   At 4 p.m. Monday, USDA will update the planting progress for the 2022 crop. 
Last week's numbers showed the current crop is right on its historical pace. 

   Weather-wise, the one to five-day outlook calls for heavy rainfall in 
eastern Texas, with some precipitation hitting West Texas. Forecasters suggest 
that West Texas could see anywhere from 3/4 inch up to 2 inches, depending on 
the location. However, the six to ten-day forecast calls for below normal 
precipitation and above normal temperatures, but the 8 to 14-day model shows 
above-normal precipitation.

   For Monday, support for the July contract stands at 140.70 cents and 140.00 
cents, with resistance at 145.10 cents and 146.00 cents. The estimated morning 
volume is 9,509 contracts 

   Keith Brown can be reached at commodityconsults@gmail.comor by calling (229) 
890-7780.




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