By admin       2018-07-31

December Cotton closed moderately higher Monday, as the hopes for weekend rains for West Texas did not materialize. Although, there was some scant rain around, several of our Texas sources indicated most of the precipitation fell on fields where “it pretty much didn’t matter.”Some of those Producers are considering “double-cropping” those ravaged cotton fields with hay.At any rate, Spot October nearly closed over the 90-cent mark, which would have been a psychological positive for the trade. The last time any current season ICE Contract settled above 90-cents was the week of June 10.Monday afternoon about 4pm eastern, USDA will release its weekly crop condition data. The Texas portion of that report is expected to show worsening conditions. However, the Southeast and Mid-Atlantic states may show improved situations as, of late, rain has been plentiful and therefore beneficial to those regions.In addition to supply news, over the weekend, China hinted at a willingness to reopen trade talks. Apparently, the economic deal struck between the U.S. and the European Union was a potential motivating factor.Monday’s estimated volume of 25,000 contacts and that amount would reflect support for the on-going bullish dynamic of a suffering 2018 Crop.December 18 settled 8920 up 86 points; March 19 closed 8894 up 80, and December 19 at 8085 up 45.

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