Cotton Trades Slightly Lower on Inside Ranges
Import prices fell 0.5%. U.S. crop progress at 23% planted lagged behind 46% last year and 38% on average. Cash trading remained inactive on The Seam.By Duane Howell DTN Cotton Correspondent
Cotton futures traded with slight losses on light volume and tight ranges inside prior-session ranges spans Tuesday.
Spot July hovered off 18 points to 85.66 cents at 8:02 a.m. CDT, trading within a 71-point range from 86.21 to 85.50 cents on a contract volume of 1,760 lots. It has posted back-to-back closing losses for the first time since April 23-24.
December slipped 34 points to 85.16 cents, trading within a 62-point span from 85.67 to 85.05 cents on a turnover of 444 lots.
In the news, prices for imported goods fell last month, led by the declining cost of oil, the latest indication of very little inflation pressure this spring, Dow Jones Newswires reported.
The price index for goods imported to the United States decreased 0.5% in April from March, the Labor Department said. This matched expectations. The monthly price decline is the largest so far this year. From a year ago, import prices are down 2.6%.
In outside markets, Dow Jones futures edged up 7 points and S&P futures up 1.75, while dollar index futures eked up 0.035 to 83.400, crude oil dropped 31 cents to $94.86, Brent crude dropped 47 cents to $102.35 and gold fell $11 to $1,423.30. July contracts were lower in corn and soybeans and higher in wheat.
China’s Zhengzhou cotton futures settled mostly lower, down 230 yuan or 1.06% in May, 105 yuan or 0.52% in July and 60 yuan or 0.29% in most-active September. The other contracts were flat to down 20 yuan.
Read More
http://sweetfutures.com/2013/dtn-morning-comments-on-cotton-13/
The risk of trading futures and options can be substantial. Trading foreign exchange carries a high degree of risk, and may not be suitable for all investors. All information, publications, and reports, including this specific material, used and distributed by Sweet Futures 1, LLC shall be construed as a solicitation. Sweet Futures 1 does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71. This website contains information obtained from sources believed to be reliable, but its accuracy is not guaranteed by Sweet Futures 1. Past performance is not necessarily indicative of future results.
