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DTN Cotton Open: Ticks in Green Ahead of Thanksgiving

Ernst Undesser
By Duane Howell DTN Cotton Correspondent November 22, 2017

DTN Cotton Open: Ticks in Green Ahead of Thanksgiving

Photo: Denise Attaway, Clemson University

Oil prices jumped. Cash online cotton sales declined to 18,290 bales on The Seam as grower sales declined and business sales increased.

Cotton futures traded in the green in the early going Wednesday on this last trading session ahead of the Thanksgiving holiday and before first notice day for December deliveries.

March hovered up 33 points to 70.47 cents, trading within a 74-point range between 69.88 and 70.62 cents on a contract volume of 3,219 lots. December ticked up 32 points to 71.22 cents, trading within a 110-point range between 70.50 and 71.60 cents on a turnover of 764 lots.

The market will be closed Thursday for Thanksgiving and reopen at 7:30 a.m. CST on Friday for an abbreviated session.

In outside markets, U.S. dollar index futures traded down 0.135 to 93.740, while Dow Jones Industrial Average futures gained 39 points and S&P futures 2 points ahead of the release later in the day of minutes of the Federal Reserve’s October policy meeting.

Crude oil prices jumped after faults on a major pipeline dented Canadian deliveries across the border, where inventories also were reported declining.

West Texas Intermediate crude ticked up 95 cents or 1.67% to $57.78, having traded up to $58.05, and Brent crude gained 61 cents or 0.88% to $63.12. December gold ticked up $3.80 to $1,285.50. December corn was up 0.07%, January soybeans up 0.53%, December Chicago wheat down 0.12% and December Kansas City wheat up 0.3%.

Asian stocks closed higher, up 0.48%, 0.62% in Hong Kong’s Hang Seng, 0.39% in South Korea’s Kospi and 0.59% in China’s Shanghai Composite Index. India’s Sensex was up 0.25%. European shares were trading higher, up 0.61% in Britain’s FTSE 100, 0.02% in Germany’s DAX and 0.37% in France’s CAC 40.

China’s Zhengzhou cotton futures ended mixed and prices settled with mostly losses on the China National Cotton Exchange.

In ICE cotton futures Tuesday, March reversed off a new intraday high since Sept. 12 to close lower, snapping a string of four consecutive higher closes, still above highs of the prior eight weeks.

The inverted December-March switch traded between 50 and 149 points and widened 24 points to close at a 76-point December premium on a volume of 4,270 lots. March-May traded between 88 and 60 points carry and widened six points to settle at an 82-point May premium on 6,069 lots. May-July’s settlement premium widened 11 points to a 47-point July premium on 1,121 lots.

Cash online sales declined to 18,290 bales from 29,988 bales on The Seam on prices averaging 67.52 cents, down from 68.84 cents. Premiums over loan rates averaged 17.31 cents, up from 17.02 cents. Loan values averaged 50.21 cents, down from 50.21 cents. Offerings were 60,374 bales.

Grower-to-business sales slipped to 15,098 bales from 28,843 bales, while business-to-business sales rose to 3,192 bales from 1,531 bales. The grower sales averaged 67.52 cents, down from 68.82 cents, and the business sales averaged 67.54 cents, down from 69.19 cents. Staples 35 or more accounted for 11,409 bales of the G2B sales and 2,750 bales of the B2B sales.

The Cotlook A Index of world values gained 145 points to 81.50 cents, narrowing the premium over the prior-day March futures settlement five points to 10.65 cents.

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Ernst Undesser
By Duane Howell DTN Cotton Correspondent November 22, 2017