December market finished at 8755, down 53 points, and March Cotton was lower at 8743.
December market finished at 8755, down 53 points, and March Cotton was lower at 8743. Volume again was slow with 15,000 contracts traded.
Earlier in the day, the market saw a decent sales and exports report from USDA, plus we knew West Texas suffered triple-digit temperatures through the weekend. Nonetheless, the strong Dollar and continued fears over the Chinese trade war blunted the market’s momentum.
So far this week, December Cotton is down about 30 points, which pales in comparison to last week’s 350-plus point rise. Given the current adverse conditions now occurring in Texas, the market definitely wants to see crop deterioration in next Monday’s weekly crop condition data. If not, it will be sorely disappointing and no doubt trade lower into Calendar August under of the weight of the Summer Seasonal.