Cotton Up Slightly After Hitting Eight-Day High
U.S. crop conditions improved slightly. Cash business sales dwindled on The Seam.By Duane Howell DTN Cotton Correspondent
Cotton futures traded slightly above unchanged Tuesday after benchmark December climbed to an eight-session high overnight.
The December contract hovered up five ticks to 86.24 cents at 8:05 a.m. CDT, trading within a 52-point range from 86.03 to 86.05 cents on a contract volume of 1,647 lots. It posted the session low within about 10 minutes of the opening overnight and the high around 3:20 a.m. CDT.
In outside markets, Dow Jones futures gained 39 points and S&P futures 2.50 points, while dollar index futures edged up 0.033 to 82.350, crude oil fell $1.07 to $105.87, Brent crude eased off 2 cents to $108.13 and gold dipped $6.60 to $1,329.40. Corn traded lower, soybeans mostly lower and nearby wheat lower.
China’s Zhengzhou cotton futures settled higher, up 15 yuan or 0.08% in September, 5 yuan or 0.03% in November and up 10 to 90 yuan in the other traded contracts. Prices closed mixed on the China National Cotton Exchange and the China Cotton Index again was lower.
U.S. crop conditions improved slightly during the week ended Sunday, with excellent steady at 10%, good up two percentage points to 34% and poor down two points at 14%, USDA data indicated after the close Monday.
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