Cotton Trades Slightly Mixed Near Unchanged
July slipped to a modest loss overnight just below lows of the previous two inside-range sessions. Cash business sales increased to 2,200 bales on The Seam.
By Duane Howell DTN Cotton Correspondent
Cotton futures traded slightly mixed near unchanged Friday after slipping to a modest loss in overnight dealings just below lows of the previous two inside-range sessions in spot July.
The July contract hovered up three ticks to 86.06 cents at 8:02 a.m. CDT, about even with the unchanged overnight opening. It traded within an 82-point range from the low overnight at 85.54 to the high early this morning at 86.36 cents on a contract volume of 2,423 lots.
December eased off 12 points to 85.21 cents, trading within a 72-point span between 84.81, matching the prior-session low, and 85.53 cents on a turnover of 830 lots.
U.S. stock index futures traded ahead and the dollar index continued to strengthen against a basket of currencies. Recent economic data in general has indicated only sluggish improvement in the U.S. economy.
Dow Jones futures rose 46 points ahead of consumer sentiment later today and S&P futures 6.75, while dollar index futures gained 0.588 to 84.310, crude oil rose 63 cents to $95.79 and gold fell $10.70 to $1,376.20. July contracts were lower in corn and wheat and higher in soybeans.
China’s Zhengzhou cotton futures eked out small gains in the front four contracts, settling up 10 yuan or 0.05% in both July and most-active September.
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