By admin       2018-05-15

Weekend rainfall on the Texas Plains confined in the Lubbock area mostly to the Rolling Plains northeast where up to 2.2 inches fell. Rain chances linger. Trend-following funds raised net longs 11,430 lots. Cash online sales dropped to 3,406 bales on The Seam. Cotton futures ticked lower in early dealings Monday, starting a new trading week near session lows within Friday’s price ranges. July ticked down 77 points to 83.85 cents, four points off the low of its 109-point range from 84.90 to 83.81 cents on a contract volume of 2,921 lots. December dropped 46 points to 79.78 cents, three points off the low of its 61-point range from 80.36 to 79.75 cents on a turnover of 1,183 lots. Rainfall in the Texas Plains around Lubbock over the weekend was limited to the northeastern area in the Rolling Plains northeast of the Hub City on Sunday. Childress had recorded 1.51 inches and Estelline 2.2 inches, both in Hall County, on West Texas Mesonet gauges. Hail and winds gusting to 70 mph were reported. No rain fell in dryland areas on the High Plains, but forecasters had chances for showers and thunderstorms ranging from 20% to 30% daily in the Lubbock area for several days. Chances for an overall change in dryland crop prospects appeared slim. Temperatures reached a date record high of 100 degrees Saturday at Lubbock, eclipsing the old mark of 98 set in 1962. Fifteen delivery notices were issued by Wells Fargo Securities Monday and stopped by Term Commodities on the expired May contract. This brought total May notices for the period to 214. Meanwhile, trend-following funds bought 11,430 lots to boost their net long position in cotton futures-options combined to 103,693 lots during the week ended Tuesday, the fifth consecutive weekly increase, according to traders-commitments data reported by the Commodity Futures Trading Commission after the close Friday. They added 9,583 longs and covered 1,847 shorts. The record high net long position for those funds is 115,120 lots on Jan. 23. Index funds raised their net longs 1,781 lots to 84,593 lots, while traders with non-reportable positions added 1,837 lots to lift theirs to 8,610 lots. Commercials sold a net 15,048 lots, adding 18,762 shorts along with 3,714 longs to push their net short position to 196,897 lots. Open interest increased 25,479 lots to 356,160. In the market Friday, July finished little changed for the day but lost 228 points for the week, completing a weekly reversal down after hitting a new contract high at 88.08 cents last Monday. December edged up 13 points for the day but dipped 33 points for the week. The inverted July-December straddle traded between 375 and 465 points and narrowed seven points to settle at 438 points on a volume of 5,987 lots. December-March traded between an inverted six and 34 points and narrowed five points to close at an 18-point December premium on 1,465 lots. Incash online trading, 3,406 bales changed hands on The Seam, down from 6,290 bales, on prices averaging 57.09 cents per pound, down from 65.61 cents. Premiums over loan values fell to an average of 16.26 cents from 18.79 cents. Offerings were 77,488 bales. World values as measured by the Cotlook A Index fell 125 points to 84.62 cents, widening the premium over the prior-day July futures settlement five points to 8.54 cents. In outside markets, Dow Jones futures traded up 50 points and S&P futures up 3.25 points amid signs of easing U.S.-China trade tensions. U.S. dollar index futures ticked down 0.215 to 92.195. West Texas Intermediate crude oil gained 12 cents to $70.82 and Brent crude added 27 cents to $77.39. June gold dropped $1.90 to $1,318.80. July corn was down 0.32%, July soybeans up 0.4% and July Kansas City wheat down 0.77%. Asian stocks closed mostly higher, up 0.47% in Japan’s Nikkei 225, up 1.35% in Hong Kong’s Hang Seng, down 0.06% in South Korea’s Kospi and up 0.31% in China’s Shanghai Composite. European stocks traded lower, down 0.17% in Britain’s FTSE 100, 0.37% in Germany’s DAX and 0.22% in France’s CAC 40. China’s Zhengzhou cotton futures settled on gains and prices closed mostly higher on the China National Cotton Exchange. India’s MCX prices continued to fall and crop prices and arrivals were lower.

Download App

# #

Member Login