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DTN Closing Cotton            08/16 13:55

   Cotton Inches Above 60 Cents  

   The cotton market closed slightly over the 60-cent mark for the first time 
in 10 sessions.

By Keith Brown
DTN Cotton Correspondent

   The cotton market closed slightly over the 60-cent mark for the first time 
in 10 sessions. Some traders believe such a move carries more of a 
psychological and technical effect than a net financial one. However, volume 
was less than enthusiastic, suggesting the dominant reason for buying was 
short-covering by speculators. Thus for the week, December Cotton is 1.23 cents 
higher, but off 3.50 cents monthly. 

   The market will continue to watch for any movement on the U.S./China trade 
war front. However, most stories coming out of the U.S. seem to be optimistic 
about a deal, while Chinese news media outlets paint a more contentious 
outlook. As of now new trade talks remain scheduled for September, but they can 
be cancelled at any time. The fact President Trump is tying a trade deal with 
China's response to the Hong Kong situation is also an irritant to them.  

   On Monday, USDA will issue its latest crop conduction numbers, and some are 
expecting to see the 2019 crop move backwards in its development. The upcoming 
forecasts for much of the cotton belt shows continued high heat and little 
rainfall. 

   For Friday, December cotton closed at 60.13 cents, up 0.51 cent, March was 
60.72 cents, up 0.48 cent, and December 2020 finished at 63.30 cents, up 0.34 
cent. Friday's estimated volume was 19,700 contracts.   

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


(BAS)

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