China is selling 1.5 million tons of soybean reserves into domestic markets to hold down prices.
U.S. exports in August were near 3 million tons, down a million from July.
Weekly export sales of 614,000 tons were disappointing.
The cotton crop has 30 percent of bolls opening and 96 percent setting bolls.
Bullish news: Economic numbers reflect increased income, increased spending and an increased saving rate for U.S. consumers. Weekly export sales of 270,000 bales met expectations.
Fundamentally, demand exceeds supply. Demand from Asia trumps economic factors affecting market prices. German and Asian economies are growing despite the weaker U.S. economy.
Pakistan production is down significantly and U.S. production is less than anticipated by USDA projections.
Bearish news: Cotton technical charts are showing signs of topping out. Trader profit taking is likely at this time. This could represent a selling opportunity for growers. Technical charts are short-term indicators. The long-term fundamentals of supply and demand favor higher prices.