By admin       2018-05-04

Net weekly upland sales came in at the lower end of the range of expectations at 189,900 RB and shipments of 432,600 RB remained above the pace needed to meet the estimate. Cash online sales declined to 4,728 bales on The Seam, of which 2,964 bales were grower sales. Cotton futures traded mixed in early dealings Thursday as traders digested USDA’s weekly export sales-shipments report. July ticked down 14 points to 84.50 cents, trading within a 54-poiont range between 84.35 and 84.12 cents on a contract volume of 5,603 lots. December edged up six points to 79.49 cents, trading within a 36—point 79.67 cents on a turnover of 1,261 lots. Net U.S. upland sales for shipment this season came in at the lower end of the range of expectations at 189,900 running bales during the week ended last Thursday, down 39% from the previous week and 34% from the prior four-week average. Sales went to 16 countries, led by Vietnam, Indonesia, Turkey, China and Taiwan. Gross sales were 240,800 RB and cancellations were 51,000 RB. Commitment reductions were primarily for Hong Kong, Mexico, South Korea and Bangladesh. Net upland sales for next season of 299,100 RB, 259,300 the prior week, brought sales for both crop years to 489,000. Sales went to 12 countries, topped by Vietnam, China and Indonesia. Upland shipments of 432,600 RB dipped 3% from the previous wee4k but were unchanged from the four-week average and remained above the pace needed to meet the USDA estimate. Shipments went to 25 countries, headed by Vietnam, China, Pakistan, Turkey and India. Net Pima sales of 11,000 RB were up 82% from the previous week and 94% from the four-week average, while exports of the extra-long staple cotton of 12,300 RB were up 89% but down 14%, respectively. In ICE cotton futures Wednesday, July settled on a slight gain at its highest finish since April 20, poking briefly above 85 cents before closing around midrange. The inverted July-December straddle traded between 509 and 584 points and narrowed 43 points to close at a 525-point July premium on a volume of 3,023 lots. December-March traded between an inverted 38 and 58 pints and widened three points to settle at a 47-point December premium on 838 lots. Cash online sales declined to 4,728 bales from 7,102 bales on The Seam. Prices declined to an average of 65.35 cents from 72.22 cents, reflecting a drop to an average of 17.37 cents from 21.44 cents in premiums over loan rates. Offerings were 101,180 bales. Grower-to-business sales of 2,964 bales and business-to-business sales of 1,764 bales brought averages of 60.47 and 73.54 cents per pound, respectively. The G2B sales included 2,811 bales from the Southwest that sold for 59.10 cents a pound and 153 bales from the Mid-South that brought 85.58 cents per pound. All the B2B sales were from the Southwest. The Cotlook A Index of world values gained 25 points to 93.25 cents, narrowing the premium over the prior-day July futures settlement 39 points to 8.77 cents. In outside markets, Dow Jones Industrial Average Futures ticked down 92 points and S&P futures down 7 points as traders remained on edge about the U.S.-China trade talks. U.S. dollar index futures traded up 0.30 to 92.37, consolidating bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes. Asian stocks closed mostly lower, down 0.16% in Japan’s Nikkei 225, down 1.34% in Hong Hong’s Hang Seng, down 0.73% in South Korea’s Kospi and up 0.65% in China’s Shanghai Composite. European shares traded lower, down 0.19% in Britain’s FTSE 100, 0.37% in Germany’s DAX and 0.38% in France’s CAC 40. China’s Zhengzhou cotton futures closed with gains and prices closed mostly with gains on the China National Cotton Exchange

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