By admin       2018-07-25

Overnight the cotton market remained fully entrenched in its two-side congestive trade. Volume thus far is estimated at 2,000 contracts.USDA released its weekly crop condition report and that data indicated the nation’s crop is 39% good/ excellent, compared to 41% last week, and 55 % last year. The 10-year condition average for this time of year is 50%. A standout of the report was nearly one-half of the Texas Crop is rated very poor/poor.We sense the attitude of the market is to limp along until the August crop report. Hopes are that data will justify another bullish push towards the 90-cent mark. However, the market remains aware of the potentially bearish influences swirling about, such as the rising U.S. Dollar, and trade war fears.Today’s support numbers for December cotton are 8550 and 8465, while resistance may be found at 8830 and 8900.

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