Cotton futures posted losses on Friday, with contracts pulling back 60 to 77 cents in the nearbys. December was down 146 points this week. The US dollar index was back down $0.665 on the Friday session to $98.620, with crude oil $3.31/barrel lower and below the $60 level.
Earlier this morning, President Trump posted on Truth Social that China is becoming “hostile” in response to Chinese export control over rare earth minerals. In a lengthy post, he mentioned that he now may not be meeting with President Xi later this month in South Korea and “one of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products.” Late in the day, after the close, President Trump announced a new 100% tariff on Chinese goods starting November 1, as well as imposing export controls on any critical software.
