By admin       2019-06-11

After a horrific decline on Friday, the cotton market is barely hanging on Monday morning. It has traded both sides of Friday’s settlement, but lacks serious conviction either way. Interestingly on Friday, December cotton came within one tick of the monthly May low, but failed to penetrate beyond. Volume Friday was huge.Over the weekend, the Trump Administration said it reached a deal with the Mexican government on illegal immigration, thus the proposed 5% tariffs on imported Mexican goods has been cancelled. However, the Trump Administration left open the possibly of slapping those tariffs on if it sees no progress in stopping the steady flow of illegal border crossings.USDA will release its crop progress and condition data this afternoon. Thus far, the planting progress of the 2019 crop is on its normal pace. What may not show up condition-wise are the beneficial rains the Southeast saw over the weekend.Tuesday at 11 a.m. CST, USDA will release month supply-demand data for June. In quick summary, the 2019 crop is expected to be at least 22.0 million bales, with smaller exports, resulting in a higher domestic carryout.For today, support for December cotton is 65.25 cents and 64.25 cents, with resistance at 66.70 cents and 67.75 cents. Overnight estimated volume stands at 10,480 contracts.

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