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DTN Closing Cotton            09/24 13:58

   Cotton Lower in Listless Trade 

   December cotton closed slightly lower Monday on estimated volume of 15,000 

By Keith Brown
DTN Cotton Contributing Analyst

   December cotton closed slightly lower Monday. Estimated volume was 15,000 
contracts traded. News of China's cool shoulder towards a potential trade 
meeting with the U.S. this week quickly had the ICE futures playing defense 
earlier in the session. In fact, for a moment the December market appeared as 
if it was going violate last week's low of 7790. However, bullish speculators 
emerged and helped steady the trade. Still, Monday's trading range amounted to 
less than 100 points. Although the 2018 cotton harvest is beginning to unfold, 
most producers across the South are currently concentrating on gathering their 
peanut crop. Soon enough, however, cotton harvest will bring in hedge-type 
selling. Then, cotton's pipeline fills, and speculators may decide to lighten 
their bullish load some more. Seasonally, there have been some epic lows seen 
in past cotton markets during October-November.

   This afternoon at 4 p.m. EDT, USDA will release its latest crop harvest/crop 
condition data. It is the latter part of that report traders are keenly 
interested, as they hope to see how much damage befell the mid-Atlantic states. 

   Weather-wise, the six-to-ten day U.S. forecast has much of the cotton belt 
with above-normal temperatures and below-normal rainfall. Internationally, the 
Punjab province of India is inundated with copious amounts of rain, damaging 
some of that crop.   

   December cotton settled at 7858, down 55; March was 7896, also down 55; and 
December 19 finished 7618, down 42.

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


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