By admin       2018-07-24

The cotton market is picking up where it left off last week, going nowhere fast, on low volume. Despite such gripping fundamentals as record Texas heat, prices could not muster any sort of bullish move last week.Today’s weekly crop condition ought to shed additional light on the growing disaster in West Texas, but even that may not motivate the market higher this week.Clearly, the market needs fresh and dynamic bullish news, but the next real opportunity for that possibility will be via USDA’s August crop report. With the government uncharacteristically lowering the 2018 crop a million bales in its July data, how much more will the market anticipate a reduction as large or larger in August. Such expectations can prove to be two-edged sword, as disappointment can run high.For this week, expect a continuation of the current choppy, congested trade. Chart resistance for December Cotton lies at 8830, with support at 8555 and 8465. Estimated volume thus far is 2,000 contracts.

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