By admin       2018-07-17

In overnight trading, the cotton market is treading about the 88-cent mark. Last week, in a myriad of bullish news ranging from weaker crop conditions to bullish supply-demand, the market gained a near net 350 points.During that bullish rush, cotton’s volume was the greatest in three weeks, and open interest increased by some 2,500 contracts. Such underlying technical conditions are thought the be friendly to price.For this week, cotton’s biggest price influence may come from China’s response to the latest U.S. tariffs of $200 billion. It is expected China will respond in kind taxing many U.S. products, including agricultural imports. Yet, it is also thought by a growing number of global economists China can’t stand toe-to-toe in an all-out trade war. As the numbers reveal, China is more dependent on U.S. trade than is the U.S. on China.Overnight, the dollar is down, while Dow Jones is slightly higher. Activity across all markets reflects holiday volume.

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