Cotton Slides to New Intraday Low
First notice day deliveries for May totaled 122. Cash business sales increased on The Seam as grower trading remained inactive.By Duane Howell DTN Cotton Correspondent
Cotton futures traded lower Wednesday, extending losses from a weak finish the prior day and posting a new intraday low since late February.
Most-active July hovered off 84 points to 84.26 cents at 8:03 a.m. CDT, just off the low of its 102-point range from 85.21 to 84.19 cents on a contract volume of 3,412 lots.
Maturing May dropped 63 points to 82.05 cents, the low of its 102-point range on a volume of 196 lots, and December fell 75 points to 84.66 cents, trading from 85.41-84.59 on 713 lots.
May delivery notices totaled 122 lots or 12,200 bales, 2.5% of the stocks in deliverable position as of Tuesday. Newedge USA issued all the notices for a customer.
The notices went to eight stoppers, with ADM Investor Services taking 46 or 37.7% for a customer and Term Commodities, trading arm of Allenberg Cotton Co., taking 42 or 34.4% for the house.
The spot contract coming into first notice day had lost 1,125 points or 12% from the one-year high posted in mid-March, and its open interest had shown a steep decline.
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