By admin       2018-07-30

Despite a powerful second-quarter GDP number of 4.1 percent, the cotton market is lower. Fears of potential weekend rains for west Texas, continued tariff troubles with China, and failure for the market to capitalize on breaking through technical resistance have combined to give this Friday a sour trade. Currently, December cotton is trading some 60 points lower, and is threatening to trade back under the resistance line pulled from the June high down to the July High. To close underneath on a Friday would be seen as both technically and psychologically negative. The market is awaiting the next supply-demand report from USDA in early August. In that data, it wants further confirmation that the 2018 Crop will be greatly reduced. Estimated volume so far this morning stands at 4,000.

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