December cotton is essentially unchanged over night, awaiting marching orders from either Hurricane Florence, USDA’s crop data or both! As of this writing, Florence is turning a tad south and may possibly make landing Saturday morning above Charleston, South Carolina.
Such a move would possibly effect “less cotton” as it may barrel into eastern Tennessee and North Georgia. In other storm news, Hurricane Issac and a different Gulf Swirl bear close watching. That latter Swirl may effect the east Texas coast.
At High Noon (EDT) today, USDA will issue its long-awaited September Crop Report. Hopefully the government will lower the 2018 Crop, but to us, the world numbers are key this go around. Due to the US/China trade war, global sales and exports patterns may be changing.
December cotton support today will be 8195 and 8125, while resistance 8335 and 8530.