December cotton was sharply lower Monday as the fallout from Friday’s bearish supply-demand data and Turkish currency woes persist. Apparently, it took until Monday for the market to let the fact sink in that USDA actually raised the crop on Friday.

The increase caught the analysts wholly off-guard as expectations suggested an additional 300,000 to be slashed. The missed report allowed domestic ending stocks to jump some 600,000 bales to stand at 4.60 million.

News from Turkey only worsened Monday. The Turkish stock market dropped 10% of its value, while the Lira posted yet another record low versus the U.S. Dollar. Turkey is one of the top five U.S. cotton customers, and this economic chaos may very well undo the export business.

After plunging more than 300 points down, in the waning moments of Monday’s trading session, December cotton was able to rally back some 80 points off its daily low. Monday’s volume was estimated a hefty 57,000 contracts.

December cotton settled 8276, down 250, March 19 at 8321, minus 250, and December 19 finished at 7815, off 185 points.