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DTN Closing Cotton            05/29 13:56

   Cotton Ends Month Flat

   The cotton market overcame triple-digit losses Friday to close nearly flat.

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market overcame triple-digit losses Friday to close nearly flat. 
Earlier in the session, fears over Trump's China conference spooked traders and 
sent prices markedly lower. However, into the close, traders bought back their 
some short positions to square up their positions. July cotton was down 0.02 
cent for the week and up 0.26 cent for the month.

   The month of June will see July options expiring, fresh monthly 
supply-demand report and the huge acres report. It is the latter report 
thatwill carry tremendous importance for the 2020 season. Expectations call for 
reduced acres here, and no doubt globally. USDA has pegged U.S. carryout at 7.8 
million bales, a 13-year high. Global inventories are pegged at 99.00 million 
bales.

   Friday's weekly export sales were way below the average for the last five 
weeks, but sales were still bullish and China was the dominate big buyer.

   The technical trend of the market is attempting to turn positive. From its 
January Highs, prices tumbled over 25 cents per pound, taking the market very 
oversold as evidenced by technical indicators. However, bottom pickers and 
short-covering brought prices up about 10.00 cents. No question the month of 
June will be volatile and two-sided as the market weighs all of its 
fundamentals, especially those related to China.

   For Friday, July cotton closed at 57.59 cents, up 0.02 cent, December ended 
at 57.48 cents, down 0.06 cent and March finished at 58.48 cents, down 0.04  
cent. Estimated volume was 30,705 contracts.

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




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