By admin       2018-06-18

Trump administration slapped tariffs on Chinese goods. Cash online-grower sales of 931 bales brought an average of 56.55 cents per pound on The Seam. Cotton futures fell to steep losses overnight and remained under heavy pressure early Friday amid broad losses in outside markets as trade tensions between the world’s two largest economies escalated. July ticked down 255 points to 90.86 cents, trading within a 243-point range from 93.14 to 90.71 cents on a contract volume of 8,433 lots. This is the last trading day for July options. December dropped 282 points to 90.14 cents, trading within a 272-point range from 92.80 to 90.08 on a turnover of 9,950 lots. In ICE cotton futures Thursday, the 2018-19 contracts settled on mostly fractional gains, while old-crop July finished lower for a second day and the third time in four sessions. The inverted July-December straddle traded from 147 to 40 points and narrowed 43 points to close at a 45-point July premium on a volume of 9,228 lots. December-March traded between seven and 20 points and narrowed a point to settle at a 10-point December premium on 4,349 lots. Cash online grower-to-business sales of 931 bales on The Seam brought an average of 56.55 cents per pound. The grower sales, all from the Southwest, included 722 bales or 78% of staples 35 or more. Offerings were 26,594 bales. The Cotlook A Index of world values dropped 25 points to 101.45 cents, widening the premium over the prior-day July futures settlement 115 points to 7.64 cents. In outside markets, U.S. stock index futures fell and bonds gained as the Trump administration slapped tariffs on Chinese goods worth $50 billion that could trigger a countermove from Beijing. September Dow Jones Industrial Average futures lost 204 points and S&P futures fell 15.50 points. July West Texas Intermediate crude oil dropped 23 cents to $66.66 and August Brent crude lost 59 cents to $75.35. August gold shed $11.60 to $1,296.70. July corn was down 1.52%, July soybeans down 2.13% and July Kansas City wheat down 2.01%. Asian stocks closed mixed, up 0.5% in Japan’s Nikkei 225, down 0.43% in Hong Kong’s Hang Seng, down 0.8% in South Korea’s Kospi and down 0.7% in China’s Shanghai Composite. India’s Sensex gained 0.06%. European share were trading mixed, down 0.7% in Britain’s FTSE 100, down 0.16% in Germany’s DAX and up 0.24% in France’s CAC 40. China’s Zhengzhou cotton futures closed with additional losses and prices settled mixed on the China National Cotton Exchange. China’s markets will be closed Monday for the Dragon Boat Festival.

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