I knew we were possibly in for disappointment price-wise when I read a pre-landfall news headline that said that the market was “mulling” Hurricane Sally. In other words, not sure of what the impacts, if any, might be.
December Cotton ended Friday down 0.50 cent as some disappointed speculators liquidated positions. This week the market saw a disruptive hurricane, plus super positive sales, but could not make bullish headway. Thus, the disappointment turned into selling. Additionally, with the U.S.-China relations seemingly on the rocks, some traders were unwilling to take long positions into the weekend.