DTN Closing Cotton            02/03 13:33

   Cotton Trades Unenthusiastic

   Despite a big recovery today in the precious metals, the cotton market could 
not mount any sort of upside gain. 

Keith Brown
DTN Contributing Cotton Analyst

   Despite a big recovery today in the precious metals, the cotton market could 
not mount any sort of upside gain. Likely, cotton traders are anticipating 
several key reports and events, which will occur over the next few days. Those 
include Thursday's export sales, Friday's CFTC data and March options 
expiration, and then next Tuesday's February WASDE. In addition, the NCC will 
release its 2026 acres survey on Feb. 12.

   USDA will issue its weekly export sales this Thursday at 8:30 a.m. EST. Last 
week's business saw net sales of 203,000 bales, which was off 51% weekly. 
However, shipments of 257,000 bales were counted as a marketing-year high 
amount.

   March options will expire this Friday, Feb. 6. Traders will be anticipating 
what amount of Puts and Call may expire "in-the-money".

   Also on Friday, the CFTC will update its Commitment of Traders report. Its 
last issuance showed that the managed-money funds had net sold some 13,000 
contracts, increasing their overall bearish position to 65,000-plus.

   For Tuesday, March 2026 went out at 62.31 cents, 36 points lower; July was 
65.80 cents, down 30 points; and December 2026 closed at 68.28 cents, minus 12 
points. Tuesday's estimated volume was 99,160 contracts.

   **

   Hear DTN Lead Analyst Rhett Montgomery and Ag Meteorologist John Baranick at 
the National Farm Machinery Show, Feb. 11-13, in Louisville, Kentucky. Their 
daily Weather and Markets Outlook sessions are at 10:00 a.m. EST, in Room B102, 
South Wing of the Kentucky Exposition Center. Note, this is a different room 
than previous years. You'll also learn about new digital products DTN is 
developing. Look forward to seeing you in Louisville!

   Keith Brown can be reached at commodityconsults@gmail.com




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