In another tedious session, December Cotton settled at 8834, up 11 points. Estimated daily volume for the ICE Futures was 12,000 contracts. Week-over-week, December Cotton finished 126 points higher. Interestingly, Friday’s settlement for December Cotton was its second highest close since its limit-up move on July 12. Of course, that event marked USDA’s slashing one million bales off the 2018 Crop.
The market was unmoved by a strong second-quarter GDP number. The data showed 4.1% growth, the strongest in four years.
Weather-wise, some rain chances were diminished from this weekend’s forecast for West Texas. Still, there is a 50% rain opportunity for the Lubbock area on Monday. In addition, next week brings the month of August, one of the most critical months for the 2018 Crop’s development. Thus, the Market is approaching critical mass as far as production.
March 19 settled 8814 up 4, December 19, 8040 down 19.
