By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market was materially lower Friday as certain overhead resistance levels held intact. That spooked certain net long speculators into big end of the week liquidation. Also, the record rise of COVID-19 infections in the U.S. also contributed to the bearish sentiment. Traders had already seen higher infections in Europe, which caused several countries to reinstitute new lockdowns. Lastly, there are concerns that a Biden administration would lock down certain parts of the U.S. economy. There is further speculation that a Biden government would end the tariffs on China, thus negating the negotiated trade deal with China requiring it to buy a certain amount of U.S. farm products.

Next week, the market will see harvest progress numbers on Monday, and USDA’s update on supply-demand numbers on Tuesday. Weekly export sales will be delayed to Friday as the U.S. government will be closed on Wednesday in observance of Veterans Day.

For the week, December cotton was down 0.30 cent; for the month, 0.30 cent and for the year, 1.74 cents.

Friday, December cotton closed at 68.62 cents, down 1.45 cents, March settled at 70.15 cents, down 1.06 cents and December 2021 finished at 68.67 cents, 0.85 cent lower. Estimated volume was an astounding 70,659 contracts, the highest since Feb. 28.