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DTN Morning Cotton Commentary          08/16 08:01

   Cotton Higher on Better China, Turkey Developments   

   Overnight, December cotton is higher as news of a returning Chinese 
delegation for a new round of trade talks is supporting investor sentiment. 


By Keith Brown
DTN Cotton Contributing Analyst

   Overnight, December cotton is higher as news of a returning Chinese 
delegation for a new round of trade talks is supporting investor sentiment. 
Late this month, the Sino-US meeting will take place in Washington. The change 
of attitude has evolved as apparently U.S. tariffs are begging to take a toll 
on the Chinese economy. Of late, her stock markets have lost some 25% of their 
value, and manufacturing layoffs are being reported. 

   The Turkish lira is experiencing its second day of recovery, although, 
things are not fixed. Yesterday, Qatar is infusing some $15 billion dollars 
into the Turkish economy. This action will also have a positive effect on 
global markets. 

   USDA reported poor sales and exports this morning. Sales for the current 
crop year were a meager 77,000, while shipments were a tad better at 240,000. 

   Close-in support for December cotton stands at 8080 and 7960, while 
resistance will be found at 8280 and 8345. Current volume stands at an 
estimated 8,500 contracts trade.

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


(BAS)

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