Cotton Trades Cautiously Down Few Ticks
Traders await results of Federal Reserve policy review and a variety of other reports. Cash grower and business trading both were inactive on The Seam.By Duane Howell DTN Cotton Correspondent
Cotton futures moved cautiously a bit lower early Wednesday on this last day of the month ahead of results later in the day of a Federal Reserve policy review and a passel of other reports this week.
Benchmark December hovered off four ticks at 85.10 cents at 6:52 a.m. CDT, trading within only a 48-point range from 85.02 and 85.50 cents on a thin contract volume of 790 lots. March traded off 12 points to 83.42 cents.
The policy statement by the Fed, which began a two-day meeting Tuesday, will be followed by an announcement of the outcome of their respective policy reviews on Thursday by the European Central Bank and the Bank of England.
A report on U.S. second quarter gross domestic product growth also was scheduled for release today, and U.S. employment data for July will be issued on Friday.
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