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DTN Closing Cotton            08/14 13:40

   Cotton Closes Mixed in a Listless Trade

   ICE cotton futures were two-sided Tuesday on an estimated volume of 26,000 
contracts. In something of a contrarian attitude, it was interesting to see the 
day after the market was banged 300-plus points lower, follow-through selling 
was lacking.


By Keith Brown
DTN Cotton Contributing Analyst

   ICE cotton futures were two-sided Tuesday on an estimated volume of 26,000 
contracts. In something of a contrarian attitude, it was interesting to see the 
day after the market was banged 300-plus points lower, follow-through selling 
was lacking. What might have staved off additional selling is the fact the 
cotton market is technically oversold and the Turkish Lira did have a rebound 
Tuesday on the global currency exchange. Also, it was technically encouraging 
the July low of 8010 remains intact.

   Fundamentally, some Traders are beginning to think the sharp decline in 
cotton might encourage additional foreign sales. Thursday's weekly sales and 
exports could prove evidence for such belief. 

   A piece in a famed New York newspaper suggested the Chinese are beginning to 
strain under the U.S. tariffs. The article highlighted the fact there may be 
substantial layoffs in Chinese factories, suggesting authorities were worried 
about the potential of civil unrest. If China and the U.S. were to solve their 
trade differences, it would be quite a boon to cotton prices. 

   December cotton settled at 8304, up 28, March 19 was 8314, down 6, and 
December 19 closed at 7804, down 11.

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


(BE)

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