The cotton market was massively lower Tuesday as speculators ruled the waves. With an already bearish trend established — and improving crop conditions –, it was an easy layup for bearish traders. In fact, the ICE futures posted life-of-contract lows today. Tuesday’s estimated volume was a whopping 57,000-plus contracts.

With such damage to the charts, it will take time and bullish fundamentals to resurrect the market to better levels. Hopefully, to some degree, that resurrection can start with Thursday’s weekly sales and export, and the monthly supply-demand data.

There is growing belief a global recession is in the works. European growth has slowed and the U.S. tariffs have hurt the Orient as well as the United States. Of course, the trade talks have renewed, but one gets the feeling that will be a well-worn process, with the real possibility that no trade deal comes.

July cotton expired at 60.23 cents, down 2.10 cents, December finished at 63.28 cents, off 2.36 cents and March ended at 64.67 cents, minus 2.03 cents.