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
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
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
Keith Brown can be reached at email@example.com or by calling
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