By admin       2018-08-06

December cotton is virtually unchanged from Thursday with less than 3,000 contracts trading. On estimated volume of less than 3,000 contracts, December cotton is virtually unchanged from Thursday. Its inaction reflects the recurring story of bullish Texas weather versus bearish trade war rhetoric. Thus, Thursday’s recovery rally on hot and dry forecast for West Texas is being held in check Friday by fears of what trade war talk might emerge over the weekend. Moreover, one week from Friday, USDA will issue its August Crop Report. This data will definitely set the tone for the Market till year’s end. If the crop is not cut at least as severe as it was in July, traders may begin to have second thoughts about an extended rally prior to harvest. As it stands, December Cotton is only up 50 points week-over-week, on one of the slowest volume periods since the July 12 report. Friday’s close-in support for December Cotton is 8840 and 8775, with 90 cents as key resistance.

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