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DTN Closing Cotton            02/19 13:43

   Cotton Ends Moderately Higher 

   The cotton market finished higher Wednesday as it continues to weigh the 
NCC's fewer acres survey and the possibly of China returning back to work.

By Keith Brown
DTN Cotton Correspondent

   The cotton market finished higher Wednesday as it continues to weigh the 
NCC's fewer acres survey and the possibly of China returning back to work. That 
private acres survey speaks for itself and serves to set a momentary benchmark 
level for traders to watch. However, USDA will publish its official acres 
Intentions on March 29. Then the 2020 growing season will be filled with the 
normal fundamentals of weather and insects, which can add or subtract from 
production. 

   The news of China suggests the country is returning back to work, although 
that remains a slow process. The virus is nowhere thought to be contained, but 
officials in Beijing are anxious to see the country recover and pursue strong 
economic growth. To that end, President Xi has publicly indicated to those 
infected provinces to combat the disease but maintain planned productivity 
directives. Hmm, easy for them to say. Anyway, the Central Bank of China 
continues to pump stimulus into the economy, while Beijing is lifting some 
import duties on nearly 700 individual U.S. products, including agriculture and 
energy.   

   The cotton market is anticipating equally strong exports-sale data on 
Friday, but Friday is also the last day for producers to square up their cash 
positions ahead of spot March's delivery period. That FND commences on Monday 
and continues through March 9.  

   Wednesday March cotton settled at 68.48 cents, up 0.61 cent, July ended at 
70.47 cents, up 0.77 cent, December closed at 70.24 cents, up 0.80 cent. 
Estimated volume was 48,839 contracts. 

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


(BE)

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