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DTN Cotton Open: Trades Mixed as Switch Gains

Mike Christensen
By Mike Christensen June 10, 2014 07:39

Cotton futures traded higher in July and off a few ticks in December Tuesday after both settled the prior day on new low closes for the move.

July hovered up 52 points 85.07 cents at 7:52 a.m. CDT, trading within a 94-point range from 84.50 to 85.44 cents on a contract volume of 2,934 lots.

December eased three ticks to 77.26 cents, trading within a tight 49-point span from 77.01 to 77.50 cents on 1,844 lots. The July-December switch traded up 54 points to 780 points on 1,345 lots.

 

In outside markets, Dow Jones futures traded off 22 points and S&P futures off 4.25, while U.S. dollar index futures gained 0.113 to 80.795, crude oil rose 27 cents to $104.68, Brent crude added 22 cents to $110.21 and August gold gained $7.20 to $1,261.10. July contracts were higher for corn and soybeans and lower for wheat.

China’s Zhengzhou cotton futures settled higher in traded contracts, up 50 yuan or 0.29% in September and 30 yuan or 0.20% in most-active January. Prices were mostly lower on the China National Cotton Exchange.

U.S. cotton condition totaled 50% good to excellent as of Sunday, up from 42% a year ago, according to USDA’s first crop ratings report of the season issued after the close Monday.

The report showed 37% fair, even with a year ago, and 13% poor to very poor, down from 21% last year. The ratings translated into a DTN cotton index of 166, up from 156 a year ago.

Squaring advanced three percentage points to 8%, up from 6% a year ago but behind the five-year average of 10%. Planting reached 89% complete, up from 74% a week earlier, 87% a year ago and only two percentage points behind the five-year average.

In U.S. futures Monday, July and December settled on new low closes since Jan. 14 and Feb. 26, respectively, but held slightly above the prior intraday lows of May 28 in the old-crop delivery and a point above the June 2 low in the new-crop contract.

The July-December straddle traded from premiums on July of 668 to 750 points and widened 48 points to close at 7.26 cents on a volume of 7,641 lots. December-March traded from premiums on March of 35 to 78 points and widened 33 points to close at 73 points on 1,052 lots.

In cash trading, business-to-business sales increased to 2,193 bales from 1,348 bales on The Seam. Prices averaged 81.80 cents, up from 74.82 cents, reflecting gains to 29.09 cents from 26.37 cents in premiums over loan repayment rates.

The sales all came from the Southeast and all stapled 35 or more. Grower-to-business trading again turned inactive.

Meanwhile, the Lubbock-based Plains Cotton Cooperative Association has announced the sale of its textile and apparel division to American Textile Holdings LLC.

AmTex has assumed control of all operations of the American Cotton Growers denim mill in Littlefield on the Texas High Plains and Denimatrix S.A. in Guatemala, City, Guatemala. Terms were not disclosed.

The company will convert raw cotton into denim fabric at ACG and the fabric into finished jeans at Denimatrix. It will employ more than 2,200 people at the two facilities and will run one of the largest denim manufacturing operations in the Western Hemisphere.

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Mike Christensen
By Mike Christensen June 10, 2014 07:39