For the past three weeks, December cotton futures have traded within the range of 80.60 to 84.25 cents per pound, and this week was no different. Trading volumes were heavier Tuesday and Friday, but failed to set a new direction. After falling to the bottom of the recent trading range on both Tuesday and Friday morning, prices rallied back to the top. In fact, Friday’s trading set both the lowest and highest price for the week at 81.20 and 83.40 cents respectively, before finishing the day at 81.99.
U.S. production prospects have become a little less certain this week. Monday’s condition report showed a slight decline, but the health of the Mid-South and Southeast crops was still remarkably good coming into this week.