By admin       2018-07-18

December cotton was moderately higher Tuesday amid blazing temperatures, which engulfed much of the Southern Plains. Lubbock, Dallas and Midland Texas, among other locales, suffered 100-plus degree readings. The high heat situation will seemingly persist into this weekend.Technically, the market exceeded Monday’s high, and is now eyeing 8930. That price was December cotton’s peak level before it traded sharply lower on July 6 on news of additional tariffs.In related news, Fed chairman Jerome Powell was upbeat about the U.S. economy in his testimony before Congress Tuesday. Yet, his comments were also supportive to the U.S. Dollar, which closed higher Tuesday. Nonetheless, cotton typically fairs better price-wise in an economy driven by high employment and strong wages.Volume Tuesday was estimated at 16,000 contract traded.

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