By admin       2019-03-01

The cotton market finished slightly higher even though weekly sales and exports were dismal. Even combining both crop years, total sales were less than 100,000 bales. Again, China was in as a net canceler of old crop. Of course, some of cotton’s strength may be attributed to end-of-the-month squaring by traders and funds, nonetheless given its current trend and sentiment, the market could have easily settled lower.Wednesday, United States Trade Representative Robert Lighthizer made a few hawkish remarks before the Congressional Ways and Means committee. Basically, he said the U.S. and Chinese trade differences remain serious, plus an enforcement mechanism needs to be developed. However, for the first time that we know of, Lighthizer made mention that cotton was on an official list of U.S. agricultural products China wanted to buy.For the month of February, the cotton market was down some 2.84 cents. Of course, the month was froth with abnormal and bearish nuances, such as the delayed USDA reports caused by the government shutdown, unresolved tariff talks and a strong U.S. dollar. Friday, the market officially enters our spring planting window, a time when the upward tug of cotton’s seasonal should start to unfold. Already, there is some early fieldwork occurring in the Deep South, although it and many other areas remain overly wet.Thursday May cotton settled at 72.82 cents, up 0.46 cent, July was at 73.99 cents, up 0.41 cent, December closed at 73.28 cents, up 0.28 cent. Thursday’s estimated volume was 22,100 contracts trade.

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