Despite Thursday’s poor showing from the weekly sales report, the market still reflects high optimism for the U.S.-China meeting in Chile. That trade event comes on November 16-17. However, prior to that gathering there will be new supply-demand data from USDA on November 9. To that end, the traders are anticipating more reductions for the U.S. crop. Of late, weather adversities, spanning tropical rains across the Southeast to the freeze and now snow in Texas, has not only delayed the 2019 harvest, but has hurt the crop in terms of quality and quantity.

October has been a non-typical month for cotton as prices have essentially been higher, versus the depressing prices harvest typically brings. Yet, as cotton’s supply pipeline becomes filled, perhaps even choked, the market could “tail-off” during November. The odds for a steeper November decline will increase if the U.S.-China trade talks sour.

Going into Friday’s session, December cotton is down 0.51 cent on the week. For Thursday, December cotton closed at 64.65 cents, down 0.30 cent, March ended 65.50 cents, down 0.29 cent and December 2020 finished at 66.83 cents, down 0.16 cent. Estimated volume was 22,536 contracts.