By admin       2018-04-13

Market confined to narrow price action in subdued early dealings. Cash online sales increased to 7,433 bales on The Seam, including 6,817 bales of grower sales. Cotton futures ticked around the flat within narrow price ranges in relatively subdued early dealings Wednesday. Spot May hovered unchanged at 83.53 cents, trading within a 46-point range between 83.31 and 83.77 cents on a contract volume of 3,973 lots. July edged up nine points to 83.26 cents, trading within a mere 34-point range between 82.97 to 83.31 cents on a turnover of 3,323 lots. December, moving within just a 16-point range, dipped 11 points to 78.27 cents. In ICE cotton futures Tuesday, May closed moderately higher and just off the day’s high on the heels of monthly USDA supply-demand estimates for a 200,000-bale increase in U.S. exports, a corresponding decrease in ending stocks and a 560,000-bale decline in the world carryout. The export hike, though down from expectations for a 350,000-bale increase, underscored tightening supplies, especially for high grades, ahead of volume movement to market of the new crop. The May-July switch traded between an inverted one point to 39 points and widened 21 points in the face of ongoing index fund rolling of longs (selling May, buying July) to close at a 15-point May premium on a heavy volume of 21,882 lots. Inverted July-December traded from 425 to 505 points and widened 20 points to settle at a 479-point July premium on 4,551 lots. December-March settled unchanged at a 10-point March premium on 141 lots. In cash online trading, sales increased to 7,433 bales from 5,289 bales on The Seam. Prices climbed to an average of 74.44 cents, reflecting gains to 23.19 cents from 20.34 cents in premiums over loan rates. Offerings were 102,066 bales. Grower-to-business sales of 6,817 bales and business-to-business sales of 616 bales brought an average of 74.44 cents and 74.46 cents, respectively. Staples 35 or more accounted for 6,051 bales or 89% of the G2B sales and 477 bales or 77% of the B2B sales. All sales were from the Southwest. The Cotlook A Index of world values gained 35 points to 92.40 cents, narrowing the premium over the prior-day May futures settlement two points to 9.49 cents. In outside markets, U.S. stock index futures traded sharply lower on rising concerns between the United States and Russia over military action in Syria. Dow Jones Industrial Average futures ticked down 210 points and S&P futures 20.75 points. U.S. dollar index futures fell 0.160 to 89.120. West Texas Intermediate crude oil gained 57 cents to $66.12 and Brent crude added 66 cents to $71.70. April gold rose by $12.50 to $1,354.50. May corn was up 0.16%, May soybeans down 0.71% and July Kansas City wheat down 1.34%. Asian stocks closed mixed, down 0.49% in Japan’s Nikkei 225, up 0.55% in Hong Kong’s Hang Seng, down 0.27% in South Korea’s Kospi and up 0.56% in Shanghai’s Composite. India’s Sensex gained 0.18%. European shares traded lower, down 0.1% in Britain’s FTSE 100, 0.85% in Germany’s DAX and 0.64% in France’s CAC 40.

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