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DTN Closing Cotton            07/23 13:52

   Cotton Higher on Renewed Trade Hopes

   The cotton market closed slightly higher Tuesday as unofficial sources 
disclosed the U.S. and Chinese trade negotiators will meet next week, ahead of 
the congressional recess of August 1. 

By Keith Brown
DTN Cotton Correspondent

   The cotton market closed slightly higher Tuesday as unofficial sources 
disclosed the U.S. and Chinese trade negotiators will meet next week, ahead of 
the congressional recess of August 1. Despite the potential for a meeting, 
China is still wanting all U.S. tariffs to be lifted before any serious talks 
can happen. 

   The higher market on Tuesday somewhat defied the bearish crop condition data 
from Monday. USDA upped the nation's crop four percentage points to 60% good to 
excellent. Texas, the top producing state, was rated at 58% good to excellent, 
with the second biggest producer, Georgia, at 60% good to excellent. 

   Technically, the market's trend is severely bearish, although the market is 
above last Friday's big turnaround. That particular rally was a 2% jump on 
strong volume. However, speculators hold a record net-short position despite 
the fact the market is already so bearishly saturated. 

   Thursday will see another round of weekly sales and exports. As the 2018-19 
season concludes, it will be interesting to see if unfilled sell orders are 
forwarded into the new crop season or simply cancelled. 

   December cotton settled at 63.73 cents, up 0.37 cent, March was 64.52 cents, 
up 0.37 cent and December 2020 closed at 65.98 cents, up 0.31 cent. Estimated 
volume was 15,600 contracts.

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


(BE)

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