Cotton futures rise after export sales report

By admin       2016-07-11

 ICE cotton jumped over a percent on Friday following the release of weekly export sales data from the US government, supported by fund buying and broad strength across commodities. The contract registered an over one percent increase for the week as well, the most since the week of June 17. "Cotton had a strong rally on fund buying," said Louis Barbera of ICAP Cotton.Data from the US Department of Agriculture (USDA) showed sales of upland cotton totaled 201,900 running bales in the week ended June 30, over three times above the previous week. The report was delayed by a day due to the Independence Day holiday on Monday. The December cotton contract on ICE Futures US was up 0.56 cent, or 0.86 percent, at $65.71 per lb. It traded within a range of 64.45 and 66.75 cents a lb. Indian farmers have so far this year planted 6.79 million hectares, down about 22.7 percent from the previous year, government data showed on Friday.The dollar index was unchanged. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.79 percent. At 9:34 am CDT (1434 GMT), Chicago Board of Trade November soybean futures were up 19-3/4 cents at $10.44-1/2 a bushel. CBOT December corn was up 7 cents at $3.55-1/2 a bushel.

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