Tuesday, July 30, 2013

DTN Morning Comments on Cotton

Cotton Creeps Quietly To Slight Gains

U.S. crop conditions improved and drew even with a year ago. Cash sales increased on The Seam.
By Duane Howell DTN Cotton Correspondent

Cotton futures crept to slight gains in quiet dealings Tuesday after finishing in the red two sessions in a row.
Benchmark December hovered up 14 points to 84.85 cents at 7:52 a.m. CDT, trading within a tight 57-point range from 85.22 to 84.65 cents on a contract volume of 1,133 lots. March edged up 11 points to 82.82 cents.
In outside markets, Dow Jones futures gained 39 points and S&P futures 5 points, while dollar index futures eased off 0.023 to 81.740, crude oil dropped 95 cents to $103.60, Brent crude slipped 32 cents to $107.13 and gold gained $2.30 to $1,321.60. Grains were higher.
China’s Zhengzhou cotton futures settled mixed, up 20 yuan or 0.10% in September, up 90 yuan or 0.46% in November and up 110 to down 80 yuan in the other contracts. Prices also closed mixed on the China National Cotton Exchange, while the China Cotton Index continued to slide.
U.S. crop conditions improved during the week ended Sunday, with good to excellent up a percentage point to 45%, fair also up a point to 33% and poor to very poor down two points to 22%, USDA reported.
The DTN cotton condition index improved to 103 from 94 a week earlier and drew even with a year ago. This was up from the low for the season of 90 as of July 14.
Ratings rose in Texas as excellent held at 4%, good gained six points to 28%, fair was steady at 36%, poor dropped two points to 19% and very poor slid four points to 13%. The DTN index for Texas climbed to 59 from 37 a week earlier but was down from 68 a year ago.
Conditions also improved in Arizona, Kansas, Oklahoma, Tennessee and Virginia; held steady in Louisiana, Mississippi and Missouri; and declined in Alabama, Arkansas, California, Georgia and the Carolinas.

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