By admin       2018-08-27

December futures will continue to do battle as it attempts to scale above the 85-cent price resistance line. Yet, more new fundamental news will be required to push above 85 cents. The most obvious place where new fundamental support will sprout is on the supply side of the market. So, the next several USDA supply/demand reports will be closely watched. Further, the market will continue to trade on news of tariff discussions with both Turkey and China. Other supply-based news being watched are the various pockets of boll rot occurring from the Southwest and eastward into the Carolinas. Some heavily loaded plants are suffering due to persistent rains across pockets of the Midsouth and Southeast. That is a backburner issue, but we are approaching September, the time best suited for open weather that allows the top crop to finish setting and move to maturity. As was the case in 2017, we continue seeing unusual weather phenomena. The futures market continues locked in a pattern that does not reflect carrying charges (basically storage, insurance and interest). Said another way, the Board is flat, or essentially so

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