By admin       2018-04-30

U.S. economy grew at a 2.3% rate in the first quarter. Forty-seven additional May delivery notices issued. Cash online sales declined to 4,796 bales on The Seam, of which 3,127 bales were grower sales. Cotton futures ticked modestly higher in subdued, narrow-range early dealings Friday, with July trading within the prior-day price span. July hovered up 46 points to 84.63 cents, a tick off the high of its 47-point range from 84.17 cents to 84.64 cents on a volume of 1,777 lots. December edged up 23 points to 79.19 cents, confined to a 35-point range between 78.95 and 79.30 cents on a turnover of 640 lots. Forty-seven additional delivery notices were issued on May — 30 by SG Americas Securities and 17 by BNP Paribas securities — and were stopped by Term Commodities. Notices have totaled 122 for the period. In the news, the U.S. economy grew moderately in the first quarter as robust business investment helped to offset weak consumer spending, Dow Jones Newswires reported. Gross domestic product — the value of all goods and services produced in the United States adjusted for inflation — rose at an annual rate of 2.3% from January through March, the Commerce Department said. Economists surveyed by The Wall Street Journal expected a 1.8% reading. Weaker consumer spending was behind the moderate slowdown in growth from the fourth quarter when output grew at a 2.9% rate after increasing 3.2% in the third quarter. Compared with the first quarter a year ago, output grew 2.9%. In ICE cotton futures Thursday, July settled on a modest gain, extending the prior day’s strong advance and closing in the upper third of its four-day, 403-point range. The inverted July-December straddle traded between 484 and 572 points and widened 26 points to settle at a 521-point July premium on 2,619 lots. December-March traded within an inverted five and 28 points and widened 20 points to close at a 25-point December premium on 884 lots. Cash online sales declined to 4,796 bales from 6,767 bales on The Seam. Prices averaged 61.51 cents, down from 64.83 cents, reflecting a drop to 15.12 cents from 17.50 cents in premiums over loan rates. Offerings were 103,635 bales. Grower-to-business sales of 3,127 bales and business-to-business sales of 1,669 bales brought averages of 57.26 cents per pound and 69.47 cents, respectively. Staples 35 or more made up 2,457 bales or 79% of the G2B sales and all of the B2B sales. All the sales were from the Southwest. The Cotlook A Index of world values gained 250 points to 93.20 cents, widening the premium over the prior-day July futures settlement seven points to 9.26 cents. In outside markets, Dow Jones Industrial Average futures eased 35 points and S&P futures unchanged, while U.S. dollar index futures ticked up 0.290 to 91.655. West Texas Intermediate crude oil dropped 23 cents to $67.96 and Brent crude dipped 17 cents to $74.63. Traders weighed the impact of a potential pullout from the Iran nuclear deal and the historic meeting between the leaders of North and South Korea. June gold ticked up $4.20 to $1,322.10. July corn was up 0.25%, July soybeans down 0.55% and July Kansas City wheat up 0.24%. Earlier, Asian stock markets closed higher, up 0.66% in Japan’s Nikkei 225, 0.91% in Hong Kong’s Hang Seng, 0.66% in South Korea’s Kospi and 0.23% in China’s Shanghai Composite. India’s Sensex gained 0.74%. European stocks traded higher, up 0.86% in Britain’s FTSE 100, 0.76% in Germany’s DAX and 0.25% in France’s CAC 40. China’s Zhengzhou cotton futures and prices on the China National Cotton Exchange settled mostly higher. India’s MCX cotton futures were weak and local prices steady.

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