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DTN Closing Cotton            02/15 13:40

   Cotton Essentially Finishes Unchanged

   Cotton closed fractionally higher Friday, although for the week the market 
was down 2.33 cents.

By Keith Brown
DTN Cotton Correspondent

   Cotton closed fractionally higher Friday, although for the week the market 
was down 2.33 cents. The market started the week on a sour note as Monday saw a 
steep 2.00-cent decline. At that moment, the market was revisiting the 2 
million-bale increase from USDA's world supply-demand numbers. Of course, there 
was also high hopes for a U.S./China trade deal or something close to that, but 
such was not to be this week. However, both sides agreed to meet next week in 
Washington. Thus, the cotton market has one eye on the talks and the other eye 
on the March 1 deadline. 

   Monday is a federal holiday, President's Day, so the cotton market will not 
trade. That also means weekly sales and exports will be delayed until Friday. 
Additionally, Friday is the first notice day for the March cotton's delivery. 
Interestingly, the March-May spread posted new lows yesterday. 

   There was open optimism this week over the U.S./China trade war in several 
peripheral markets. The Dow Jones, crude oil, copper and grains were obviously 
higher in response to the potential for a trade deal or at least improvements 
in U.S./Chinese trade relationship. Hopefully, this budding optimism will spill 
into the cotton futures soon. 

   March cotton settled today at 70.22 cents, up 0.09 cent, July was at 73.24 
cents, up 0.17 cent and December closed at 72.80 cents, up 0.09 cent. Friday's 
estimated volume was 31,200 contracts traded. 

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


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