By admin       2018-08-09

ICE Futures were down across the board Wednesday on strong volume of 25,000 contracts. Chart-wise, Wednesday’s session would be classified as an “inside day” meaning the high/low range of Wednesday was inside that of Tuesday.Clearly, the market is marking time until Friday’s all-important supply-demand data. To that end, one closely watched analyst is sporting an average production guess of 18.39 million bales (18-19 million range). The July number was 18.50 million, which, in itself, was a million bale cut.World stocks are expected at 77.31 million bale versus the July estimate of 77.84 million bales.However, as far as other potentially market-moving data, first in line will be Thursday’s weekly sales and exports. Last week saw some small cancellations from China, but a rather obvious large sale to Vietnam.It was assumed the larger Vietnam number may have been camouflaging some Chinese purchases. Still, a big negative Wednesday was China’s announcement of tariffs on U.S. waste cotton yarn and recycled fiber as a retaliatory action against certain U.S. import taxes set to take effect on August 23.December cotton settled 8718, down 72, March 8747, down 61, and December 19 at 8068, down 32.

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