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DTN Closing Cotton            09/20 13:53

   Cotton Closes Timidly Higher

   Despite the market being technically oversold, heading into a Friday, it 
could not muster the will for any sort of a short-covering rally.

By Keith Brown
DTN Cotton Correspondent

   Despite the market being technically oversold, heading into a Friday, it 
could not muster the will for any sort of a short-covering rally. There was 
earlier talk that the market might bounce off its chart support at 60.25 cents 
and try to recoup at least one-half of its weekly loss. Yet that was not to be 
the case, as even being down 2.00 cent on the week, was not enough to prompt 
any serious buying. In fact, when the news that the Chinese delegation cut 
short their Washington visit, along with cancelling their trips to Nebraska and 
Montana, many of the financial and agricultural markets bearishly winced. 

   On Monday, USDA will inform the traders about the condition the cotton crop 
and its harvest progress. To that end, the former Hurricane Imelda has punished 
producers in eastern Texas and the soon lower delta with some heavy-duty rains. 

   Also, next week is the last full week of the third quarter. Timing-wise 
seasonal traders will be keen to watch the market's trading behavior during the 
months of October and November. In recent years, such was the time the final 
crop low was posted. 

   For the week, December cotton was off 1.70 cents, with a daily estimated 
volume of 17,982 contracts traded. 

   For Friday, December cotton closed at 60.52 cents, up 0.19 cent, March 
finished at 61.17 cents, plus 0.11 cent and December 2020 ended at 63.52 cents, 
off 0.52 cent. 

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


(BE)

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