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DTN Morning Cotton Commentary          02/15 08:00

   Cotton Trades Lower, Lacking Positive News  

   The cotton market is lower, somewhat disappointed that no definitive 
progress emerged from this week's U.S.-China trade talks in Beijing. 

By Keith Brown
DTN Cotton Correspondent

   The cotton market is lower, somewhat disappointed that no definitive 
progress emerged from this week's U.S.-China trade talks in Beijing. However, 
the two sides did agree to gather again next week in Washington to continue 
their negotiations. Apparently, even with the March 1 deadline fast 
approaching, the two nations seem to be far apart on such key issues as 
intellectual property rights. 

   In other news, Thursday the House Appropriations Committee removed a 
provision which would have provided some three billion dollars of disaster 
relief from Hurricane Michael to southeastern producers. We are not sure how 
that item was struck. Reportedly, the bill went to President Trump's desk for 
signing in that form. Currently, industry leaders are scrambling to seek other 
means to gain funds for those most devastated areas. 

   Weekly sales and exports were released yesterday, and even though we were 
absent we wanted to provide them to subscribers just for the record. Net sales 
of 299,800 bales for 2018/2019 were up 31 percent weekly, and 52 percent on the 
4-week average. Top buyers included Pakistan (130,300), India (50,000), Turkey 
(37,100), Vietnam (28,000), and Malaysia (15,000). Net reductions were reported 
for South Korea (2,700) and Japan (1,800).  For 2019/2020, net sales were 
19,400 bales. Top buyers were Bangladesh (15,000) and China (4,400). Weekly 
exports totaled 181,100 bales. That number was down 5 percent weekly, but up 3 
percent on the 4-week average. Shipments were primarily to Vietnam (46,900), 
Pakistan (24,100), China (21,200), Indonesia (21,100), and Mexico (18,200). Net 
sales of Pima totaled 6,000 bales for the 2018/2019 season. Last week's weekly 
export-sales report was for the week ending January 3rd. They showed cumulative 
sales stand at 78% of USDA's projection versus the five-year average of 68.9%   

   ICE Futures will be closed Monday for the President's Day holiday. We will 
return with cotton commentary on Tuesday. The top concern next week continues 
to be the U.S.-China trade negotiations. 

   For Friday, close-in support for March cotton is 69.53 cents with resistance 
at 70.93 cents. Overnight estimated volume is 5,100 contracts traded. 

   Keith Brown can be reached at commodityconsults@gmail.com


(BAS)

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