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DTN Closing Cotton            01/24 16:39

   Cotton Lower on Virus Fears 

   The cotton market was sharply lower Friday and on the week, as 
disappointment over the phase-one trade deal rolled into concerns over the 
coronavirus in China.

By Keith Brown
DTN Cotton Correspondent

   The cotton market was sharply lower Friday and on the week, as 
disappointment over the phase-one trade deal rolled into concerns over the 
coronavirus in China. The latest information indicates the Chinese government 
has isolated some 45 million people in several cities, the main one being 
Wuhan. In fact, the disease is now being called the Wuhan virus. China has 
closed shopping malls, theme parks, and banned all public gatherings in those 
affected towns and cities. Fears of disruption of global air travel, resulting 
in a slow-down in commerce sent many financial and commodities market lower. 

   In other news, USDA issued its delayed weekly exports-sales data Friday. The 
numbers were friendly, as weekly sales topped the 300,000-bale mark, with 
exports well above their monthly pace. Next week, exports-sales return to their 
normal Thursday schedule. In addition, next week marks the Chinese Lunar New 
Year's celebration, and that ought to be interesting. 

   For the week, spot cotton was off 1.85 cents and for the day March cotton 
was down 0.65 cent. Estimated volume was 29,765 contracts traded. 

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


(BE)

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