December cotton closed triple-digits lower Friday.

December cotton was victimized by end-of-quarter liquidation by speculators Friday, finishing lower in triple digits. Estimated volume was near 30,000 contracts traded. For the month, the market was down 585 points, and for the quarter the market is down some 750 points.

Of course, next week “officially” commences the 2018 harvest, when the market enters its October-November-December gathering window. Potentially, the next obvious two downside targets are the April low of 7590, and January’s low of 7400. By now, all widely followed technical indicators are pointing bearish, yet the market will enter the fourth quarter very oversold next week.

In other news, the dollar maintained its upside bias, as it finished some 20 points higher. It has been recently buoyed by Wednesday’s interest rate hike by the Federal Reserve, and Thursday’s strong GNP from the Commerce Department.

December cotton settled at 7637, down 135; March at 7729, down 100; and December 2019 ended at 7577, down 28.