By admin       2018-02-07

March slipped below lows of the previous six weeks. Cash online sales increased to 8,471 bales on The Seam, of which all but 18 bales were grower sales.Cotton futures traded lower for the third day in a row in early dealings Tuesday, with March sipping below lows of the previous six weeks. March hovered down 48 points to 76.08 cents, trading within an 87-point range from 76.80 to 75.93 cents on a contract volume of 5,969 lots. May ticked down 39 points to 77.51 cents, trading within a 75-point range from 78.10 to 77.35 cents on a turnover of 4,152 lots. In outside markets, U.S. dollar index futures traded up 0.435 to 89.840. Dow Jones Industrial Average futures ticked down 261 points and S&P futures down 19.25 points, pointing to a third straight day of losses and a deepening correction to the stock market’s long-running rally. Oil futures fell for a third day, down 66 cents to $63.49 in West Texas Intermediate crude and down 80 cents to $66.83 in Brent crude. April gold gained 90 cents to $1,337.40. March corn was up 0.14%, March soybeans up 0.57%, March Chicago wheat up 0.28% and March Kansas City wheat up 0.11%. Asian stocks tumbled 4.73% in Japan’s Nikkei 225, 5.12% in Hong Kong’s Hang Seng, 1.54% in South Korea’s Kospi and 3.36% in China’s Shanghai Composite Index. India’s Sensex lost 1.61%. European shares were trading down 2.01% in Britain’s FTSE 100, 2.33% in in Germany’s DAX and 2.7% in France’s CAC 40. China’s Zhengzhou cotton futures closed mostly lower and prices ended mostly higher on the China National Cotton Exchange. India’s MCX cotton futures still were falling. In ICE cotton futures Monday, March lost 73 points to close at 76.57 cents, its lowest settlement since Dec. 20. A plunge in U.S. equities, with the Dow industrials and S&P indices both falling more than 4% and the Dow posting its biggest intraday decline in history, weighed on cotton and most other commodities. The March-May spread traded from 116 points to 144 points carry and widened two points to settle at a 133-point May premium on a volume of 11,961 lots. May-July traded from 73 to 98 points carry and widened nine points to settle at a 94-point July premium on 5,252 lots. Inverted July-December traded between 404 and 456 points and narrowed 29 points to finish at a 409-point December premium on 2,915 lots. In cash online trading, sales increased to 8,471 bales from 965 bales on The Seam on prices averaging 70.89 cents, up from 67.76 cents. Premiums over loan rates rose to 20.60 cents from 18.46 cents. Loan values averaged 50.29 cents, up from 49.30 cents. Offerings were 145,832 bales. Grower-to-business sales included 8,371 bales from the Southwest that brought an average of 70.85 cents per pound and 82 bales from the West that went for 74.75 cents. Business-to-business sales of 18 bales, all from the Southwest, drew an average of 71.50 cents. Staples 35 or more accounted for 7,006 bales or 84% of the G2B sales from the Southwest, all those from the West and 13 bales of the of B2B sales. The Cotlook A Index of world values fell 95 points to 88.10 cents, widening the spread over the prior-day March futures settlement 10 points to 10.80 cents.

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