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DTN Closing Cotton            08/16 13:42

   Cotton Recovery Lacks Enthusiasm

   December cotton settled higher on news that China was willing to return to 
Washington for new trade talks.


By Keith Brown
DTN Cotton Contributing Analyst

   December cotton settled higher on news that China was willing to return to 
Washington for new trade talks. A delegation is scheduled to arrive in this 
country late August, hopefully to work out details for an even larger trade 
meeting this fall.

    The news was initially taken as a market positive for cotton. After 
dropping nearly 7% in value since last Friday, the market had become 
technically oversold and obviously was in need of bullish news. Yet, one would 
have thought its recovery would have been more dynamic, but that was not the 
case. December cotton ran up midway of Wednesday's trading range before turning 
lower. Still, the market closed higher with triple-digit gains on an estimated 
volume of 25,000 contracts.  

   In other news, weekly sales and exports this morning were considered 
unfriendly to neutral, while the Turkish Lira was able to experience no more 
damage. As mentioned previously, Qatar is loaning Turkey some $15 billion to 
help stabilize the situation. 

   December cotton settled 8180, up 106 points, March 19 finished at 8201, up 
97 points, and December 19 ended at 7750, up 66 points. 

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


(BE)

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