Cotton Finishes Monday Slightly Up
The cotton market finished Monday somewhat higher. Of course, the market was sent reeling lower on Friday as most traders have pretty much dialed in the adverse Texas weather. Monday afternoon the USDA will update the 2020 crop as to its condition as of this past weekend. Traders are anticipating additional deterioration in Monday’s data. Thus, the market traded higher ahead of those numbers.
Additionally, the market will also see USDA’s latest supply and demand numbers on Wednesday, then export sales on Thursday, and into the weekend supposedly China and the U.S. will video conference each other to discuss the phase-one trade deal.
As a peripheral encouragement, the Dow Jones was sharply higher Monday. Amazingly, it stands less than 1% for all time higher, while just last week the NASDAQ has traded above 11,000 for the first time ever. Of course, what is needed is stronger retail demand, but troubles such as Chicago over the weekend absolutely discourages active shopping.
December cotton ended at 62.80 cents, up 0.44 cent, March closed at 63.60 cents, up 0.41 cent, December 2021 ended at 63.07 cents, 0.37 cent higher. Estimated volume was 24,557 contracts.