The cotton market was moderately lower Tuesday as Monday’s reversal carried over to Tuesday’s session. Monday, the market flirted with limit-up once the news of that potential progress was made between the U.S. and China in their trade war. Unfortunately, like so often in life, the “anticipation is greater than realization.”

Another way to word that in market vernacular is it’s the old “buy-the-rumor-sell-the-fact.” At any rate, the market wants to see proof of China’s agreement to buy U.S. cotton. Simplistically, China needs to show up as a net buyer of old-crop cotton (2018-19) in some futures weekly sales and exports report.

Several markets and the federal government will be closed Wednesday in observance of the funeral of President George H.W. Bush. Cotton, however, will trade. To that end, weekly sales and exports report will be delayed till Friday. Also Friday will be the highly anticipated jobs report for the Labor Department. A strong number might help soothe the psyche of the financial markets, which were led lower Tuesday by the 700-point late-day decline in the Dow.

On Wednesday, members of OPEC will meet in Vienna, Austria, to determine oil production. It is wildly anticipated at least a million barrel per day reduction will be announced.

Spot December, which expires this Thursday, settled at 78.77 cents, down 14 cents, March cotton was 79.81 cents, down 14 cents, December 2019 contract closed at 78.04 cents, unchanged. Tuesday’s estimated volume was 23,400 contracts traded.