December Cotton is lower today but inside yesterday’s range after failing to take out the October 28 high yesterday. Traders may have been holding out hope that China will buy US cotton. So far the details of the deal have mentioned soybeans, not cotton and US soybean prices have rallied off the news. 

The recent rally dollar undermines US export prospects. Unfortunately, we are in the dark about US exports. 

Hedge pressures may be easing as we move through harvest. The crop is usually about 50% harvested by now. 

La Niña is showing signs of life, and World Weather Inc. says the wetter bias in India may be associated with that phenomenon, along with wetter conditions ins Southeast Asia and northeastern and east-central Australia. La Nina is expected to be short lived and not very intense, which might limit the amount of excess rain. India is facing some quality issues after recent heavy rains.