Net U.S. upland export sales came in at 34,800 RB for this season and 226,700 RB for next season. Upland shipments remained strong at 459,900 RB. Cash grower online sales saw 320 bales change hands on The Seam at an average of 62.57 cents per pound.
Cotton futures traded lower on hefty early dealings Thursday amid ongoing weakness in the grains complex after U.S. weekly upland export sales came in light for this season and beat expectations for next season. Shipments remained strong.
July ticked down 76 points to 93.05 cents, trading within a 170-point range between 92.80 and 94.50 cents on a contract volume of 3,360 lots. December dropped 87 points to 92.06 cents, trading within a 171-point range between 91.62 and 93.33 cents on a turnover of 10,879 lots.
The intense heat/drought in the S.Plains has been hurting the cotton condition and has been bullish for prices so far.
The potential for some needed rains next week is putting a little pressure on prices right now....metmike
Good cotton fundamental analysis:
That rain chance mentioned previously, comes in days 6-7 in the current forecast.
If it would verify, NEW CROP cotton prices would have at least a short term spike down.
This would be the December Cotton, which is harvested in the Fall and is currently growing and effected by the weather.
See the drought monitor below and the EXTREME drought in the TX panhandle, which grows alot of cotton. Days 6-7 rains fall exactly where they would benefit the most.............if the forecast verified.
Well july cotton did not achieve my target of 98. I closed out my call for 1.75 profit today.
"Just needed one more up day...!!" LOL
Nice trade tjc,
CTZ getting hammered from the open tonight..............likely pressured by the potential for the first widespread rain event in W.TX Cotton country in many months.
To got with the previous maps of drought, upcoming rains forecast, here is where they harvest the most cotton...............in the same place.
I'll put them all together again on Friday.
Cotton under severe pressure since the open last night. See maps above that show
1. The major cotton growing area in W.Texas,
2. That same area in extreme drought.
3. That same area getting rains in the forecast
