Tuesday at noon EST, USDA will offer its latest take on the supply-demand situation. Given the recent series of marketing-year-high of sales and shipments reports, it ought to be impossible for government not to raise the domestic exports category, yet China’s consumption is the thing to watch. With reportedly half of her textile plants operating at an estimated 50/75 percent capacity, traders certainly fear a slowdown in global usage.

Expectations call for domestic ending stocks at 5.39 million bales versus last month’s 5.40 million bales. Overall traders expect a slight increase in world production, and a slight decrease in global consumption.

The general public’s angst over COVID-19 continues to grow. The Centers for Disease Control has just issued a warning for Americans over 60 years old to take extra precautions with travel. Some parts of the U.S. have seen some consumer hoarding of basic goods and cleaning supplies. The entire country of Italy is quarantined, and TV news is showing pictures of empty airports, shopping malls and public venues all across Asia.

For Tuesday, support for May cotton is 61.45 cents and 60.50 cents, with resistance at 63.27 cents and 64.15 cents. Overnight estimated volume stands at 8,455 contracts.