By admin       2018-01-31

Market gave back overnight gains. U.S. stock index futures fell sharply. Cash grower sales of 7,688 bales on The Seam included 3,679 bales of grower sales. Cotton futures traded on slight losses in early dealings Tuesday, giving back overnight gains. Spot March hovered off 19 points at 78.17 cents, in the lower portion of its 95-point range from 78.93 to 77.98 cents on a contract volume of 6,590 lots. May ticked down 16 points to 79.03 cents, trading within a 94-point range from 79.80 to 78.86 cents on a turnover of 3,879 lots. In ICE cotton futures Monday, March plunged 2.63% and has lost ground in all but one — it closed up a single point on Wednesday — of the last six sessions. The inverted old, new-crop straddles fell sharply, with March-December gapping lower and cutting the March premium 152 points to a 345-point settlement, down from a high of 885 points on Jan. 12. The March-May spread traded between 83 and 70 points of carry and widened nine points to close at an 83-point May premium on a volume of 12,982 lots. May-July traded between 61 and 45 points carry and widened 10 points to settle at a 60-point July premium on 5,686 lots. In cash online trading, sales of inched up to 7,688 bales from 7,381 bales (figures reported Monday were incorrect) on The Seam. Prices averaged 69.34 cents, down from 72.32 cents, with premiums over loan rates falling to 21.74 cents from 22.69 cents. Loan values dropped to 47.60 cents from 49.63 cents. Offerings were 110,775 bales. Grower-to-business sales of 3,679 bales brought prices averaging 71.67 cents, while business-to-business sales of 4,009 cents sold for an average of 67.20 cents per pound. Staples 35 or more totaled 2,490 bales or 68% of the grower sales and 3,215 bales or 80% of the business sales. The grower sales included 48 bales from the Mid-South and 3,681 bales from the Southwest that went for averages of 79.58 cents and 71.57 cents, respectively. Included in the business sales were 467 bales from the Southeast and 3,542 bales from the Southwest that sold for averages of 77.85 and 65.79 cents, respectively. World values as measured by the Cotlook A Index dropped 150 points to 90.90 cents, narrowing the premium over Friday’s March futures settlement 10 points to 10.42 cents. In outside markets, U.S. dollar index futures dropped 0.285 to 88.845, while Dow Jones Industrial Average Futures plunged 241 points and S&P futures 18 points. West Texas Intermediate crude oil dropped 62 cents to $64.94, Brent crude dipped 29 cents to $69.17 and February gold gained $4.40 to $1,344.70. March corn was up 0.35%, March soybeans up 0.1%, March Chicago wheat up 0.1% and March Kansas City wheat up 2.21%. Asian stocks closed lower, down 1.43% in Japan’s Nikkei 225, 1.09% in Hong Kong’s Hang Seng, 1.17% in South Korea’s Kospi and 0.97% in China’s Shanghai Composite Index. European stocks traded lower, down 0.62% fin Britain’s FTSE 100, 0.05% in Germany’s DAX and 0.41% in France’s CAC 40. China’s Zhengzhou cotton futures closed on triple-digit losses and prices ended lower on the China National Cotton Exchange. India’s MCX cotton futures rose after posting large losses the prior day and crop prices fell amid large arrivals.

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