By Keith Brown DTN Cotton Correspondent
December cotton finished slightly lower Friday down 0.67 cent on the week. However, this week saw the single highest daily volume since June 10. As the market moves into the month of November, it ought to feel the full weight of the 2019 Harvest, thus a Thanksgiving low has been seen as “the norm” forever and a day. However, so far this year, the 2019 low oddly occurred in late August, based on the anticipation of a trade deal with China. Currently, U.S. harvesting efforts across a fair portion of the cotton belt has endured wet fields from a couple of passing weather systems.
Next week, USDA will present its latest numbers on the condition and harvest efforts on Monday, another dose of weekly sales and exports on Thursday and fresh monthly supply-demand data on Friday. Of those three events, Friday’s release carries the potential to be the shaker-and-mover for the market.
The cancellation of the Asia-Pacific Economic Conference in Chile, by Chile, has the U.S. and China officials scrambling to find a time and place to meet. However, China is doing some backtracking as it now says it wants to buy massive amounts of U.S. farm products, but on a hand-to-mouth process.
Friday, December cotton settled at 64.23 cents, down 0.21 cent, March ended at 65.64 cents, down 0.24 cent and December 2020 finished at 67.52 cents, down 0.01 cent. Estimated volume was 52,306 contracts.