By admin       2018-09-05

December cotton has traded higher and lower as it attempts to decipher the effects of Tropical Storm Gordon. With the sudden appearance of this storm, cotton’s first inclination was to trade higher. But with the storm lacking enough time to develop into hurricane status, prices have promptly fallen. In other news, USDA will release the weekly crop condition/progress numbers this afternoon, delayed one day due to the Labor Day holiday. Additionally, weekly sales and exports will be pushed back one day, Friday morning. Also on Friday morning, the Labor Department will release its all-important monthly jobs data for August. The chart situation for December cotton slants bearish. Most of the accepted trend-following and strength technical indicators are colored bearish. Additionally, September marks the month before seasonal harvest pressure begins. Thus far, the estimated volume stands at 5,500 contracts traded. Close-in support for December cotton stands at 8166 and 8060. Resistance will be at 8250 and 8325.

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