By admin       2018-05-03

Financial markets awaited Federal Reserve’s decision. Cash online sales increased to 7,102 bales on The Seam, of which 3,049 bales were grower sales. Cotton futures ticked quietly on small gains in narrow-range early dealings Wednesday, with traders appearing cautious ahead of the U.S. weekly export sales-shipments report the next day. July edged up 15 points to 84.63 cents, confined to a tiny 25-point range between 84.47 and 84.72 cents on a contract volume of 2,437 lots. December gained 26 points to 79.06 cents, trading within a 43-point range between 78.75 and 79.18 cents on a turnover of 966 lots. No May delivery notices were issued Wednesday for a second day, again leaving the total for the period at 189. May’s open interest coming into Tuesday’s session totaled 35 lots, down 70. Its last trading day is Tuesday. In ICE cotton futures Tuesday, July traded within the prior-session range and closed on a moderate gain to reclaim all but a single point of the ground it lost Monday. Maturing May inverted over July, settling up 44 points on a 64-point premium at 85.12 cents on a volume of 17 lots. Inverted July-December traded from 505 to 580 points and widened 62 points to settle at a 568-point July premium on a turnover of 3,212 lots. December-March traded from an inverted 15 to 45 points and widened 27 points to close at a 44-point premium on 870 lots. In cash online trading, sales increased to 7,102 bales from 4,982 bales on The Seam. Prices advanced to an average of 72.22 cents from 66.63 cents, with premiums over loan rates rising to an average of 21.44 cents from 19.47 cents. Offerings were 106,112 bales. Grower-to-business sales of 3,049 bales and business-to-business sales of 4,053 bales sold for per-pound averages of 70.90 cents and 73.22 cents, respectively. Staples 35 or more accounted for 2,194 bales or 72% of the G2B sales and 3,913 bales or 97% of the B2B sales. All the sales were from the Southwest. The Cotlook A Index of world values dropped 70 points to 93 cents, narrowing the premium over the prior-day July futures settlement three points to 9.16 cents. In outside markets, Dow Jones Industrial Average futures ticked down 47 points and S&P futures 2.50 points ahead of the Federal Reserve’s monetary policy decision later in the day. U.S. dollar index futures dipped 0.085 to 92.170. Markets also awaited cues from U.S.-China trade talks. West Texas Intermediate crude oil traded up 9 cents to $67.34 and Brent crude dropped 23 cents to $72.91. June gold fell $2.60 to $1,309.40. July corn was down 0.06%, July soybeans down 0.52% and July Kansas City wheat down 0.38%. Asian stocks closed mostly lower, down 0.16% in Japan’s Nikkei 225, 0.27% in Hong Kong’s Hang Seng, 0.39% in South Korea’s Kospi and nearly flat in China’s Shanghai Composite. India’s Sensex gained 0.05%. European shares traded up 0.37% in Britain’s FTSE 100, up 1.3% in Germany’s DAX and up 0.18% in France’s CAC 40. China’s Zhengzhou cotton futures closed with large gains and prices ended mostly higher on the China National Cotton Exchange.

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