By Keith Brown, DTN Cotton Correspondent 

After a series of up sessions, the cotton market closed lower Tuesday, thus fulfilling a common trading event known as turnaround Tuesday.

Over the course of time, it has been noticed, however, that the market trades on any given Monday, it will typically trade opposite on a Tuesday. The pattern is not exactly like clockwork, but it is clockwork enough. Thus, Tuesday, the ICE Futures were off double digits, after being higher Monday.

Of course, the market will be closed for New Year’s on Wednesday, but will reopen Thursday for normal trading hours. Also as a reminder, weekly sales and exports are delayed until Friday at 8:30 a.m.

Last week’s sales were off, most likely due to the holidays, but prior to that, six out of the previous seven sessions, weekly sales topped 250,000 bales.

In fact, recent business has been so brisk, it is thought USDA may have to raise their exports projections on a future supply-demand report.

The U.S. dollar finished lower Tuesday, as perceptions that the global economy is improving encouraged traders to liquidate long dollar positions.

For Tuesday, March cotton closed at 69.05 cents, down 0.51 cent, July ended at 70.95 cents, down 0.58 cent and December finished at 70.36 cents, down 0.41 cent. Tuesday’s estimated volume was 22,852 contracts.