By admin       2018-09-18

December cotton is easing lower today despite probable losses in the Carolina/Virginia cotton crops. Heavy rains and superior flooding are expected to pound the growing areas of those states for the next few days. Obviously, it is way too early to assess cotton damages, as currently people are still trying to physically survive. The big negative for cotton today lies in the possibility of additional tariffs on Chinese goods. The Trump administration is set to implement another $200 billion on China in an effort to secure a fairer trade relationship. Whether it works or not remains to be seen. However, China has announced a like-for-like retaliation. This afternoon USDA will publish its latest crop progress and condition data, but we suspect any numbers relating to the Mid-Atlantic will be a total guess, so that ought to be interesting. However, soon enough the entire country will be in full harvest swing, and price may begin to fuel the harvest selling pressure. Close-in support for December cotton is 8120 and 8060, while resistance stands at 8265 and 8400.

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