By admin       2018-11-22

December cotton is slightly higher Wednesday morning as traders prepare for the long holiday weekend, and spot cotton impending delivery on Monday. After today, there will only be a partial session Friday, thus if participants need to vacate the December contract, that is the day. Spot December inched down to post a new harvest low Tuesday.The original low came on October 1 at 75.37 cents. However, squaring ahead of delivery and chaotic outside markets scared the market lower as well. It was interesting to see that March futures and beyond did not post a new a low. Perhaps they are signaling hope for better day. To that end, the G-20 gathers next Friday, and there is a lot riding on the U.S.-China trade meeting.Early in December, new supply-demand data will be issued by USDA. It is thought the government agency will again lower the 2018 crop. Besides the ravages of Hurricanes Florence and Michael, much of the belt is being inundated with frequent episodes of rain, either slowing or halting harvesting efforts. Within those delays will be more losses of quantity and quality of the crop.Weekly sales and exports data is delayed until Friday this week. It is no secret sales have been running putrid, with China a regular canceler of previously bought bales.For today, support for March cotton will be at 76.80 cents and 74.40 cents, with resistance at 78.20 cents.

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