Mar ’20 Cotton futures started the session down further today but have rapidly recovered and have re-entered the previous consolidation range. It would be a strong bullish indicator on the charts if after having taken out the previous lows the market closes in positive. There appears to be firm resistance and a possible top around the 71.36. Cotton is noted as being economically sensitive product and right now Asian demand is a significant factor. Yesterday’s price drop is likely tied to news of the corona virus outbreak reported out of China which could be a threat to demand and speculative risk mentality if it is not quickly contained. There is a lot of support for cotton as demand is still strong but there needs to be confirmation of purchases out of China to really drive this market higher.