DTN Cotton Close: Market Able to ‘Hold the Mule’
DTN Cotton Close: Market Able to ‘Hold the Mule’

DTN Cotton Close: Market Able to ‘Hold the Mule’

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By Keith Brown DTN Cotton Contributing Analyst

While many of the financial markets crashed and burned on the Chinese economic data Friday, cotton was able “to hold the mule.”

That was a tiny miracle in itself, as the Dow fell some 500 points, while the U.S. Dollar posted new highs for its current move. Anyway, after sinking nearly 0.85 cent early in its session, cotton did pare its losses to close slightly higher Friday.

One wonders if there is some underlying, but subtle, news regarding cotton in the U.S./China trade talks that kept the market aloft. To that end, we continue to monitor the U.S. Trade Representative website for any potential cotton information, but have seen little to none. For the week, March cotton will be down roughly 0.60 cent from last Friday, on an estimated daily volume of 17,500 contracts.

Next week is the week before Christmas, thus, unless some bullish bombshell emerges from the trade talks, we suspect trading volume for cotton will be all the more tedious. However, it is interesting March cotton did not take out last weekly low of 78.60 cents. The low it posted this week was 78.62 cents.

March cotton settled at 79.60 cents, up 0.19 cent, July 81.34 cents, up 0.32 cent and December 2019 was 77.69 cents, up 0.26 cent.

Πηγή: Agfax



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