By Keith Brown DTN Cotton Contributing Analyst
The cotton market was sharply higher Friday as the stock markets came alive on a strong jobs report and friendly comments from Federal Reserve Chair Powell. The December jobs report showed a stunning 312,000 non-farm jobs created for last month. Such data indicates a bustling U.S. Economy. Fed Chairman Powell made comments in Atlanta on Friday that the Fed may not be so automatic in raising interest rates during 2019. Both of those events were deemed bullish by trade. Thus, the Dow zoom up 700 points, and to some degree, carrying cotton with it.
March cotton settled at 72.52 cents, up 1.69 cents, July was 75.29 cents, up 1.64 cents and December finished at 73.84 cents, up 1.25 cents. For the week March cotton was up a mere 0.33 cent. Friday’s estimated volume was 36,200, contracts.