By admin       2018-05-24

Fresh uncertainty on U.S.-China trade talks hit stock markets. Look at Fed’s May meeting minutes awaited. Cash grower sales slowed to 1,333 bales on prices averaging 65.57 cents per pound on The Seam. Difference between Cotlook A Index of world values and July continued to narrow. Cotton futures ticked slightly lower in spot July and little changed in December in the early going Wednesday, with both contracts confined within the prior-day ranges. July hovered off 25 points at 87.10 cents, trading within an 84-point range between 86.75 and 87.59 cents on a contract volume of 4,822 lots. December eased four points to 83.80 cents, trading within a 60-point range between 83.26 and 83.92 cents on a turnover of 3,213 lots. In ICE cotton futures Tuesday, July made a bearish reversal, surging to a new contract high for the second straight session, breaking below the prior-day low and settling in the red. It closed above Monday’s low, however. A close below last week’s May 15 low at 83.36 would be minimally required to threaten the run of the bulls, one technician commented. The inverted July-December straddle traded from 543 to 342 points and narrowed 75 points to settle at a 351-point July premium on a volume of 7,821 lots. December-March traded between an inverted seven and 45 points and widened 33 points to close at a 44-point December premium on 2,021 lots. Cash online grower-to-business sales slowed to 1,333 bales on prices averaging 65.57 cents per pound on The Seam, while business-to-business sales declined to 1,033 bales on an average of 67.25 cents. Staples 35 or more made up 1,088 bales or 81.6% of the G2B sales and 839 bales or 81.2% of the B2B sales. All the sales were from the Southwest. Offerings declined to 49,325 bales. The basis on the base quality narrowed 57 points to 910 points off July in East Texas-Oklahoma and to 1,060 points off in West Texas. The Cotlook A Index of world values gained 145 points to 95.90 cents. The index premium over the prior-day July futures settlement continued to narrow, tightening 42 points to 7.48 cents. The premium ended April at 9.19 cents. In outside markets, global stocks fell amid fresh uncertainty on U.S.-China trade talks after President Donald Trump said he was not pleased with the results thus far and also raised doubts about the upcoming summit with North Korea. Markets awaited a look at the Federal Reserve’s May meeting minutes later in the day for clues about how many rate hikes are likely this year. Dow Jones Industrial Average futures ticked down 169 points, a day after falling 178.88 points or 0.7%, and S&P futures traded down 16 points. U.S. dollar index futures traded up 0.510 to 94.315. West Texas Intermediate crude oil dipped 32 cents to $71.87 and Brent crude fell 49 cents to $79.08. June gold eased 30 cents to $1,291.70. July corn was flat, July soybeans up 0.1% and July Kansas City wheat up 0.23%, Asian stocks closed mostly lower, down 1.18% in Japan’s Nikkei 225, down 1.82% in Hong Kong’s Hang Seng, up 0.26% in South Korea’s Kospi and down 1.4% in China’s Shanghai Composite. Stocks in Europe traded lower amid weak European economic data. Shares traded down 0.74% in Britain’s FTSE 100, 1.67% in Germany’s DAX and 1.52% in France’s CAC 40. China’s Zhengzhou cotton futures settled lower and prices ended mixed on the China National Cotton Exchange. China’s daily auctions of reserve stocks sold out. India’s S-6 cotton prices were steady.

Download App

# #

Member Login