By admin       2018-06-30

Market meandered ahead of the U.S. planted area report at 11 a.m. CDT. Cash online grower sales of 302 bales brought an average of 69.28 cents per pound on The Seam.Cotton futures ticked a bit higher in subdued early dealings Friday, with December positioned for its third consecutive weekly loss.December hovered up 11 points at 83.66 cents, trading within a 62-point range from 84.05 to 83.43 cents on a contract volume of 2,107 lots. It settled last Friday at 85.30 cents. It has remained for seven sessions within the June 20 upside reversal from the 82.94-cent low.The market meandered ahead of the planted acreage report, scheduled for release by USDA at 11 a.m. CDT. Traders and analysts surveyed by Bloomberg News estimated plantings at an average of 13.781 million acres within a range from 13.45 million to 14.127 million acres. March intentions were 13.469 million acres, up from 12.61 million last year.In ICE cotton futures Wednesday, December settled on a triple-digit loss below lows of the previous four sessions at its lowest finish since June 14.July’s settlement premium over December widened 50 points to 138 points on a volume of 13 lots. The inverted December-March spread traded between 33 and 49 points and narrowed six points to settle at 40 points on a turnover of 1,827 lots.In cash online sales, 302 bales changed hands on The Seam’s grower-to-business exchange on an average price of 69.28 cents per pound, while business-to-business sales increased to 2,151 bales on prices averaging 69.95 cents a pound. All the G2B sales were from the Southwest and included 283 bales or 94% of staples 35 or more.The B2B sales and the per-pound prices included 225 bales from the Mid-South for 73 cents, 33 bales from the Southeast for 77 cents, 1,879 bales from the Southwest for 69.39 cents and 14 bales from the West for 80 cents. Staples 35 or more accounted for 1,861 bales or 86% of the business sales. Offerings were 20,965 bales.The Cotlook A Index of 2017-18 world values gained 25 points to 94.20 cents, narrowing the premium over the prior-day July futures settlement 46 points to 8.45 cents.No July delivery notices were issued Friday, leaving the total for the period at 649 lots.In outside markets, Dow Jones Industrial Average futures traded up 105 points and S&P futures up 9.50 points, recovering after slumping sharply on news that President Donald Trump repeatedly had told his top officials he wants the United States to withdraw from the World Trade Organization. U.S. dollar index futures fell 0.685 to 94.42 after a big recent upside run.West Texas Intermediate crude oil eased 2 cents to $73.43 and Brent crude added 83 cents to $78.68. August gold gained $2.40 to $1,253.40. December corn was up 0.82%, November soybeans up 0.04% and September Kansas City wheat up $1.06%,Asian markets closed higher, up 0.15% in Japan’s Nikkei 225, 1.61% in Hong Kong’s Hang Seng, 0.51% in South Korea’s Kospi and 2.2% in China’s Shanghai Composite. India’s Sensex gained 1.1%. European shares were trading higher, up 0.76% in Britain’s FTSE 100, 1.36% in Germany’s DAX and 1.3% in France’s CAC 40.China’s Zhengzhou cotton futures ended lower, while prices settled higher on the China National Cotton Exchange.

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