By admin       2018-08-24

Overnight, December cotton was lower despite upbeat sales and exports data. Thursday’s USDA report showed net sales for 2018-19 of 188,000 bales, which was double the amount of last week. Top buyers included Vietnam (73,000) Malaysia (43,400), Pakistan (27,500), Indonesia (22,100), and Peru (10,800). For 2019-20, net sales of 4,400 RB were reported for China. Exports of 157,400 RB were primarily to Vietnam (45,700), Turkey (22,100), China (18,600), Mexico (14,300), and Indonesia (13,200). The market’s initial reaction was to ease 20 points higher. Fallout from Mr. Trump’s political woes is casting a dark pall over most markets. If nothing else, traders and speculators are discouraged from making commitments to new positions. There was little movement on the trade front. Talks between the U.S. and China are in their second day. However, as scheduled, the U.S. did implement $16 billion more in tariffs on China Thursday. Close-in support for December cotton is $.8118 and $.8060, while resistance will be found at $.8285 and $.8405. Volume is estimated at 4,100 contracts traded.

Download App

# #

Member Login