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DTN Closing Cotton            11/15 13:43

   Cotton Slightly Lower in Spread Action

   December cotton was slightly lower on Thursday amid a noticeable swing in 
contract volume.

By Keith Brown
DTN Cotton Contributing Analyst


   December cotton was slightly lower on Thursday amid a noticeable swing in 
contract volume. Interestingly, December's estimated volume on Thursday was 
12,600, but March's estimated volume was 21,700 contracts. Apparently, some 
sort of roll is now occurring. To that end, December cotton does commence its 
first notice day, the day delivery notices are issued, on Monday, November 26. 
That means all traders wishing to avoid the delivery process must vacate their 
long December positions on the preceding Friday, November 23, the day after 
Thanksgiving. A twist may be that Friday will see an abbreviated trading 
session, so next Wednesday may be the big exit day.

   Thursday, USDA will issue its weekly sales and exports report in the 
morning. In recent weeks, those sales have been bearish as China has been on a 
tear of cancelling current season purchases but buying physical cotton out in 
the 2019-20 season. Of course, we think they are under no obligation to take 
those new crop purchases. Those are intended, more or less, to be a hedge of 
sorts. Anyway, that data comes out at 8:30 a.m. eastern.  

   December cotton settled Thursday at 76.25 cents, down 0.14 cent, March was 
78.28 cents, down 0.07 cent and December 2019 was 77.30 cents, off 0.20 cent. 
Total estimated volume was 37,800 contracts trade. 

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


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