DTN Cotton Close: Market Remains Staunchly Bearish
DTN Cotton Close: Market Remains Staunchly Bearish

DTN Cotton Close: Market Remains Staunchly Bearish

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By Keith Brown DTN Cotton Correspondent

The cotton market finished slightly lower on Friday and slightly lower on the week, as both its fundamentals and technicians remain staunchly bearish. Chart-wise the trend of cotton remains steeply down, with speculators holding a record net-short position. Even in its oversold condition, the market could not trade over the 60-cent mark. For the week, December cotton was off 0.52 cent.

On Monday, USDA will report its latest supply-demand data at 12 p.m. EST. Traders are expecting a 500,000-bale reduction in the exports category. Additionally, the government may increase the size of the crop. The July crop report had the 2019 Crop at 22 million bales. Since that time, the U.S. crop has been rated as high as 60% good to excellent.

However, this past Monday, the Texas crop slipped 13 points in its good to excellent readings. Additionally, it is becoming increasingly hotter and drier from Texas to Georgia, so the crop’s superior ratings may fall even lower in the weeks to come.

The U.S.-China trade talks are becoming all the more strained. Friday, President Trump hinted that the scheduled September talks might not happen. Additionally, he indicated he was in no hurry for a quick fix. The markets involved took that as a bearish twist.

Friday, December cotton settled at 58.90 cents, down 0.68 cent, March finished at 59.86 cents, down 0.56 cent and December 2020 closed at 63.25 cents, down 0.12 cent. Estimated volume was 19,036 contracts.

Πηγή: Agfax



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