By admin       2018-07-31

Despite a powerful second-quarter GDP number of 4.1 percent, the cotton market is lower.December cotton is forging over the 8900 mark, as west Texas missed much of the anticipated rains for Saturday and Sunday. Widespread rain was not in the general weekend forecast, but it was hoped on Friday a northerly system might dip low enough to bring much needed precipitation to the parch fields of west Texas.Missing that opportunity has the cotton market strongly higher, threatening to reach previous technical overhead chart points. In fact, a strong close today may allow December cotton to retest the lower nineties.This afternoon, USDA will publish its latest crop condition data, which is expected to show a worsening Texas situation. There may be some offset in other parts of the Cotton Belt, but not enough to completely erase the growing debacle in Texas.Currently, December Cotton is 8910, up 75. The overnight/early morning estimated volume stands at 5,000 contracts.

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