Cotton Futures Remain Under Pressure
By Duane Howell DTN Cotton Correspondent
Cotton futures remained under pressure Thursday, showing muted reaction to U.S. weekly export sales at the low end of expectations.
Spot July hovered off 69 points at 85.76 cents at 8:08 a.m. CDT, just off the low of its 75-point range from unchanged at 86.45 cents down to 85.70 cents on a contract volume of 1,562 lots. It touched the high right after the overnight opening and the low around 6:40 a.m. CDT.
December dipped 48 points to 85.01 cents, trading within a 64-point range from 85.45 to 84.81 cents on a volume of 336 lots.
Net U.S. all-cotton export sales for delivery this season fell to 82,900 running bales during the week ended May 9 from 118,600 bales the previous week. Upland net sales of 74,000 bales were down 37% from the previous week and 66% from the prior four-week average, USDA reported.
Gross upland sales were 91,200 bales and cancellations were 17,200 bales. China booked 28,600 bales of upland, 39% of the net. Other upland buyers included Vietnam, 17,200; Morocco, 8,000; Thailand, 6,100; and Taiwan, 4,400.
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