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DTN Closing Cotton            12/13 13:43

   Cotton Ends Session Confused 

   Cotton finished Friday with mixed results.

By Keith Brown
DTN Cotton Correspondent

   Cotton finished Friday with mixed results. Nearby March cotton was lower, 
while deferred July was higher. It was a very confusing session as 
misinformation was tweeted from the White House. That is, one moment there was 
a trade deal and in the next, there was not. Finally, Chinese officials 
announced at their own news conference they would indeed subscribe to the phase 
one agreement. Supposedly, China will make major purchases of U.S. agriculture, 
while the U.S. will reduce and postpone tariffs on imported Chinese goods. Of 
course, as the old saying goes, the devil is in the details. Supposedly, senior 
negotiators will sign the phase one deal in January, and not Presidents Trump 
and Xi. 

   For the week, March cotton finished 0.80 cent higher. The market posted a 
new high close as well as a new weekly high since its Aug. 26 harvest low. The 
market is now approaching its most obvious levels of resistance, which is the 
July highs at 69.00 cents made last summer. 

   Next week's trade will be heavily influenced the trade talk rhetoric and the 
impeachment proceedings.  

   For Friday, March cotton closed at 66.80 cents, down 0.37 cent, July 
finished at 68.87 cents, up 0.20 cent and December cotton ended at 68.73 cents, 
up 0.26 cent. Friday's estimated volume was 47,616, a slight increase over 
Thursday.  

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


(BE)

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