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DTN Closing Cotton            11/25 12:44

   Cotton Ends Lower Friday

   The cotton market was materially lower Friday, driven by USDA's negative 
weekly export sales numbers and Chinese COVID lockdowns. 

Keith Brown
DTN Contributing Cotton Analyst

   The cotton market was materially lower Friday, driven by USDA's negative 
weekly export sales numbers and Chinese COVID lockdowns. Unfortunately with its 
abbreviated holiday session, today's volume of 8,800 was not exactly 
commensurate with the news.

   Friday's export sales report from USDA was a net negative number, with China 
showing as a huge cancel of 109,000 bales. In addition, allegedly some 
two-thirds of Beijing is closed for COVID restrictions, further dampening 
textile demand outlooks.

   There were five delivery notices tendered against the spot December 
contract. They were issued by Term Commodities. The stoppers were JP Morgan 
with three, and SG Americas with two. December's delivery period will extend to 
Dec. 7.

   For the holiday week, March cotton was off 360 points, up 854 on the month, 
but minus 925 points for the year. 

   Traders are hoping today's Black Friday shopping event will see strong gains 
for apparel products, but most economic analysts are expecting the worst. To 
that end, today's massive cancellation by China may be part of the handwriting 
on the demand wall.

   For Friday, December closed at 81.34 cents, down 2.60, March 23 finished at 
81.18, minus 2.72, and July 23 settled at 78.64, off 2.50. Friday's estimated 
volume was 12,432 contracts.

   Keith Brown can be reached at commodityconsults@gmail.com




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