Thompson On Cotton: What Is Really Influencing the Market?
November 6, 2023
After months of repeated challenges, our biggest fear was market support in the low 80’s would break. How appropriate it would do so Halloween week. It appears sellers were spooked by frightful technical signals and a geopolitical environment which could have horrific consequences. As a result, after three consecutive days of triple digit losses the market closed below 80 cents for the first time since June. The month of October was none too kind as cotton prices fell six cents closing Friday at 79.62, the third consecutive close below 80 cents.
