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DTN Closing Cotton            02/28 13:51

   Cotton Ends February Sharply Lower 

   The cotton market finished February down 7.51 cents on the week and 6.82 
cents down on the month. 

By Keith Brown
DTN Cotton Correspondent

   The cotton market finished February down 7.51 cents on the week and 6.82 
cents down on the month. The irony of the market is exports-sales for the month 
were very strong. Of course, the big, bad influence of the market remains the 
coronavirus. To that end, what information can we say that hasn't already been 
said? Yet, we do feel the next three weeks are critical as to whether the 
illness gains a wide foothold in the United States, or not. The unprecedented 
decline in the Dow Jones and related equity makers has been the single bearish 
factor for cotton this month. 

   The World Health Organization has upped its ante on coronavirus suggesting 
most countries on the planet will be infected. However, the U.S. has yet to 
have one fatality, and supposedly infections are going down in China.  

   Monday will commence a new month and with that the market will see new 
supply-demand numbers on Tuesday, March 10. Some traders are looking for USDA 
to increase its domestic exports category. Additionally, the market will be 
keen on the month's forthcoming exports-sales reports. The general thought is 
once the Dow calms, the cotton market may very well experience a comeback from 
its supremely oversold status. 

   Friday afternoon the CFTC will report on the status of the various market 
traders. The speculative position will be interesting to see, given how they 
had turned net long weeks ago.    

   For Friday, May cotton settled at 61.49 cents, down 1.01 cents, July 
finished at 62.27 cents, down 1.01 cents and December ended at 62.44 cents, 
down 0.81 cent. Estimated volume was 72,522.

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


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