By admin       2018-04-19

Rain chances around Lubbock on the Texas Plains rated at 80% Friday night. Cash online sales rose to 7,514 bales on The Seam, of which 3,739 bales were grower sales. Spot quotes on the base quality were rolled to July at a seven-market average of 377 points off. Cotton futures ticked narrowly mixed in early dealings Wednesday as traders continued to eye forecasts for rain in droughty areas of the Southwest and awaited U.S. weekly export sales. Most-active July edged up three points to 82.98 cents, in the upper portion of its 72-point range from 83.17 to 82.45 cents on a contract volume of 3,064 lots. May inched up five points to 83.18 cents, trading within a 67-point band from 83.39 to 82.72 cents on a turnover of 815 lots. December eased five points to 78.35 cents, trading within a 24-point span from 78.42 to 78.18 cents on 626 lots. Forecasters rated chances for showers and thunderstorms on the droughty Texas High Plains around Lubbock at 20% Thursday night, 50% Friday, 80% Friday night and 30% Saturday. Weekly export sales and shipments will be released by USDA at 7:30 a.m. CST on Thursday. In ICE cotton futures Tuesday, July settled slightly lower for the second straight session for a cumulative loss of 40 points. It had closed higher seven of the prior eight sessions for a total net rebound of 323 points from where it finished when the U.S.-China trade war fears flared. The May-July switch traded between two points carry and a 25-point inversion and widened 15 points to close at an 18-point premium on May on a volume of 7,870 lots. Inverted July-December traded between 400 points and 487 points and narrowed 13 points to settle at a 455-point premium on July on 3,285 lots. December-March’s settlement difference narrowed a point to a six-point March premium on 362 lots. Cash online sales rose to 7,514 bales from 5,812 bales on The Seam. Prices fell to an average of 67.27 cents from 72.13 cents, reflecting a drop to 19.79 cents from 22.93 cents in premiums over loan rates. Grower-to-business sales of 3,739 bales and 3,775 bales of business-to-business sales of 3,775 bales brought prices averaging 64.20 and 70.31 cents per pound, respectively. Staples 35 or more accounted for 2,487 bales or 67% of the G2B sales and 3,048 bales or 81% of the B2B sales. All the sales expect for one bale from the West — it sold for 73.30 cents a pound — were from the Southwest. Spot quotations on the base quality were rolled to July at 50 points “on” in the Southeast, 100 points off in the Delta, 720 points off in East Texas-Oklahoma, 820 points off in West Texas, 500 points off in the Desert Southwest and 450 points off in the San Joaquin Valley. The seven designated seven spot markets averaged 377 points off, two points below the prior-day average off May. The Cotlook A Index of world values dipped 20 points to 92.45 cents, narrowing the premium over the prior-day July futures settlement seven points to 9.23 cents. In outside markets, Dow Jones Industrial Average futures and S&P futures extended gains for a third day, trading up 81 and 9.25 points, respectively, amid a solid start to the corporate earnings season and signs of improving relations with North Korea. U.S. dollar index futures traded around the flat line at 89.230. June West Texas Intermediate crude oil gained $1.18 to $67.69 and Brent crude added $1.11 to $72.69. June gold rose by $5.90 to $1,355.40. July corn was up 0.51%, July soybeans up 0.59% and July Kansas City wheat up 1.55%. Asian stocks closed higher, up 1.42% in Japan’s Nikkei 225, 0.74% in Hong Kong’s Hang Seng, 1.07% in South Korea’s Kospi and 0.8% in China’s Shanghai Composite. European shares were trading mixed, up 0.87% in Britain’s FTSE 100, down 0.2% in Germany’s DAX and up 0.26% in France’s CAC 40. China’s Zhengzhou cotton futures closed with mostly losses and prices ended mostly lower on the China National Cotton Exchange. India’s MCX cotton futures eased and local prices were steady as arrivals declined

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