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DTN Cotton Open: Trades in Green Near Session Highs

Ernst Undesser
By Duane Howell DTN Cotton Correspondent November 17, 2017

DTN Cotton Open: Trades in Green Near Session Highs

December and March positioned for fourth weekly gains in a row. Cash online cotton sales quickened to 19,264 bales on The Seam.

Cotton futures traded in the green Friday, positioned for the fourth weekly gains in a row in December and March.

December hovered up 67 points to 69.88 cents, just off the high of its 69-point range from 69.21 to 69.90 cents on a contract volume of 3,467 lots. March gained 45 points to 69.63 cents, also near the high of its 56-point range from 69.14 to 69.70 cents on a turnover of 7,181 lots. December closed last Friday at 69.05 cents and March at 69.14 cents.

In outside markets, U.S. dollar index futures dropped 0.195 to 93.660, while the Dow Jones Industrial Average traded down 90 points and the S&P 500 down 6.04 points.

West Texas Intermediate crude oil ticked up 73 cents to $55.87, Brent crude added 53 cents to $61.89 and December gold gained $6.70 to $1,285.49. December corn was up 0.74%, January soybeans 0.57%, December Chicago wheat 1.13% and December Kansas City wheat 1.2%.

Asian stocks closed mixed, up 0.2% in Japan’s Nikkei 225 and 0.62% in Hong Kong’s Hang Seng and down 0.03% in South Korea’s Kospi and 0.5% in China’s Shanghai Composite Index. India’s Sensex gained 0.71%. European stocks were trading lower, down 0.05% in Britain’s FTSE 100, 0.09% in Germany’s DAX and 0.2% in France’s CAC 40.

In ICE cotton futures Thursday, December traded on the plus side almost the whole session and settled on a moderate gain above Wednesday’s high and a 16-session high close.

The December-March switch traded between four points of carry and a 15-point inversion and settled at a three-point December premium from a three points March/over on a volume of 9,490 lots. March-May traded between 97 and 86 points carry and closed unchanged at a 93-point May premium on 3,399 lots. May-July’s settlement premium narrowed four points to a 46-point July premium on 456 lots.

Cash online trading quickened to 19,264 bales from 10,652 bales on The Seam. Prices climbed to an average of 67.09 cents from 65.70 cents, reflecting premiums over loan values of 16.05 cents, up from 15.46 cents. Loan values rose to an average of 51.03 cents from 50.24 cents. Offerings were 77,265 bales.

Grower-to-business sales climbed to 15,959 bales on prices averaging 67.69 cents, while business-to-business sales increased to 3,305 bales on an average price of 64.17 cents. Staples 35 or more totaled 14,034 bales or 88% of the grower sales and 2,136 bales or 65% of the business sales.

The Cotlook A Index of world values edged up five points to 79.40 cents, narrowing the premium over the prior-day December futures settlement 16 points to 10.59 cents.

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Ernst Undesser
By Duane Howell DTN Cotton Correspondent November 17, 2017