USDA confirmed it will not be issuing the October crop report or WASDE updates as scheduled for Friday and gave no hint as to when they might be released. ItΆs all tied to the Washington gridlock and the Administration determination to use interruption of as many federal services as possible to put pressure on the GOP to pass the SenateΆs version of funding authorization without any changes, including full funding for Obamacare.
With China still buying cotton aggressively from its farmers at 75% above market value prices, it looks increasingly like any plans to change their policy is on hold until next yearΆs crop and thatΆs supportive to prices. Also, itΆs our thinking that if the next crop report holds any surprises for cotton, itΆs more likley to be a price-friendly reduction in crop size and for that reason see no reason to advance sales beyond levels recommended below.