DTN Cotton Close: Tropical Storm Slides By – So Does the Market

December cotton finished lower with triple-digit losses. Speculators, disappointed by the less intensified Tropical Storm Gordon, liquidated long their positions. However, their selling was gated, as Wednesday’s action resulted in an “inside day.” That means the range of Wednesday was “inside” of that of Tuesday. Some traders see such patterns as indecisive indicators and may signal further sideways congestion. Yet, the market remains bearishly under the fundamental and technical guns of the trade.

Thursday would ordinarily see USDA’s weekly sales and exports data, but that data has been delayed until Friday morning. Even with the minimal participation of China, sales have been running brisk. Also Friday morning, the U.S. jobs data from the Labor Department will come out. This report will weigh heavy on the Dow Jones and the U.S. dollar.

Wednesday’s estimated volume was 17,500.

December cotton settled $.8171, down 107 points, March was $.8211, down 97 points, and Dec. 19 finished $.7771, down 29 points.

Keith Brown can be reached at commodityconsults@gmail.com or by calling (229) 890-7780.

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