December cotton closed down 0.38 at 74.50, pausing after TuesdayΆs limit-up move as traders monitor the approach of Hurricane Irma toward the southeastern U.S. later this week.

December cotton closed down 0.38 in a quieter day of trading, but still held most of TuesdayΆs limit-up move with Hurricane Irma still threatening the southeastern U.S. later this week. Thankfully for residents of southeastern Texas and producers in the Mississippi Delta, WednesdayΆs weather is drier and is expected to stay that way the next seven days.

Late Tuesday, USDA said 25% of cotton bolls were open as of Sunday. More importantly this week, cotton crops in Georgia, South Carolina, and North Carolina are 34%, 38%, and 20% open, respectively with heavy rains and who knows what else on the way from Hurricane Irma. USDAΆs good-to-excellent rating stayed at 65% this week, but doesnΆt account for damage to cotton already harvested and the rating is obviously vulnerable to this weekΆs storm.

December cotton remains in an uptrend and is near its 2017 high of 75.60. Certified ICE cotton stocks were down 47 bales as of Sept. 5 to 8,730. The Cotlook ΅AΆ Index was unchanged at 81.90.

General Comments

December cotton closed down 0.38 at 74.50 while March was down 0.37 at 73.24. December corn finished up 2 1/2 cents while November soybeans were up 2 1/2 cents and December Chicago wheat was up 2 3/4 cents. The September U.S. dollar index is down 0.04 at 92.19. December gold is down $6.20 at $1,338.30 while December silver is down 1 cent and December copper is up $0.0310.

The Dow Jones Industrial Average is up 82 at 21,835. October crude oil is up $0.45 at $49.11. October heating oil is up $0.0045 while October RBOB gasoline is down $0.0314 and October natural gas is up $0.035.