By admin       2018-09-24

December cotton closed moderately higher as end-of-the-week buying and short-covering took prices back above the 7900 mark. For the week, December cotton was down 270 points. The bearish week was initially characterized by more trade war salvos fired on Monday by the Trump Administration, with retaliation from China. The market then exited its multi-week consolation pattern to the downside, causing a flood of speculative selling. Slightly improved sales and exports on Thursday helped to momentarily buoy prices, allowing week’s end squaring to happen Friday. Estimated volume for Friday was 16,800, and total volume for the week was estimated at 144,400. This compares to last week’s total volume of 107, 800. Additionally, total open interest was thought to have dropped nearly 6,000 contracts. Next Monday, USDA will report its usual crop condition/progress data. It is thought some assessment of the mid-Atlantic damage will be issued. Of course, those states were harshly pounded by Hurricane Florence. Yet, after Florence passed, widespread flooding remains a major problem. This Sunday represents the seasonal beginning of Fall, the Fall Equinox. Naturally, this time of year ushers in the harvest of the crop. with each successive week, harvest efforts will pick up and bringing the potential of weight prices lower. December cotton closed today at 7913, down -270, March Cotton closed at 7951, up 60, with the December 19 Cotton settling at 7660 up 55.

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