Cotton Slips Beyond Maturing July
Stock index futures traded lower Monday and the dollar closed higher Friday. July delivery notices totaled 116. Trend-following funds boosted net longs by a bulging 38% during the reporting week, encompassing the expiration of July options.By Duane Howell DTN Cotton Correspondent
Cotton futures traded with slight losses beyond maturing July Monday after posting the sharpest weekly decline in a long time.
Most-active December hovered off 19 points to 84.45 cents at 8:01 a.m. CDT, near the low of its 115-point range from 84.15 to 85.30 cents on a contract volume of 2,274 lots. July traded up 44 points to 85.59 cents on a turnover of 126 lots.
July delivery notices on the first notice day totaled 116, including 98 issued by Term Commodities, trading arm of Allenberg Cotton Co. Newedge USA stopped all notices for a customer.
U.S. stock index futures are lower and the dollar index futures are higher, extending the trend from last week amid concerns that the Federal Reserve may begin to scale back its stimulus program and about a possible cash crunch in China.
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