Cotton was able to salvage small gains after the market watched overnight gains erased early Thursday.

Comments:

Cotton posted a lackluster session with light commercial buying supporting new-crop December versus the March contract. As expected, weekly export sales and shipment numbers for the week ending Thursday, Aug. 10, did little to energize the market with 2017-2018 sales of 186,700 running bales and weekly exports coming in at 200,400 rb. Technically, the Dec contract continues to indicate a possible move to a short-term uptrend.

General Comments:

New-crop December cotton gained 0.09 to close at 66.91 while March added 0.04 to 66.76. New-crop December corn lost 2 1/4 cents, new-crop November soybeans rallied 7 3/4 cents, and December Chicago wheat closed 6 1/4 cents lower. The U.S. dollar index was 0.13 higher at 93.60. December gold was $9.80 higher at $1,292.70 while September silver was $0.095 higher and September copper lost $0.0225.

The Dow Jones Industrial Average fell 200 points to 21,824. September crude oil rallied $0.29 to $47.07. The September distillates (heating oil) contract was $0.0060 higher, September RBOB gasoline gained $0.0230, and September natural gas added $0.030.