Just like clockwork, turnaround Tuesday appeared and zapped prices lower. In fact, Spot July posted its high on its opening, and from that moment, it was all downhill. One would have thought with Monday’s huge chart reversal on stout volume, the cotton market would have easily experience blastoff Tuesday. However, the overall trend remains down and the speculator remains firmly bearish.

Of course, we previously mentioned how the month of June will reveal a myriad of reports and events that have the potential to really shake, rattle, and roll the cotton market. Of course, two of the more influential events comes at the end of the month, Planted Acres and the G-20 meeting.

The next important news event will be Thursday’s weekly sales and exports data. Of late, those numbers have been running pretty strong, but more so for the old crop. Currently, new crop sales have been off their historical pace for this time of year, and yet we essentially know why, the trade war.

We continue to watch the India crop best we can. From reports and from Indian reporters we talk to, India’s crop is beginning to go backwards as the early monsoons are weaker than normal.

For Tuesday, July cotton settled at 68.97 cents, down 0.45 cent, December finished at 67.20 cents, off 0.77 cent and March ended at 67.87 cents, down 0.80 cent. Estimated volume was 48,500 contracts traded.