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Cotton News / Cotton Market

ICE cotton hits 4-1/2 month low on strong harvest expectations

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June 14 2017

ICE cotton hits 4-1/2 month low on strong harvest expectations

June 14 (Reuters) - ICE cotton futures fell to a 4-1/2-month
low on Wednesday on expectations of increased production in the
United States.

Government data on Monday showed that as of June 11, 92
percent of the U.S. crop had been planted compared to a 5-year
average of 90 percent.

"There is some concern regarding the size of the U.S. crop
and potential exports. We think the crop is rated in better
condition than what it is. But, that's what the USDA has
published and market is going to trade," said Louis Rose,
co-founder and director of research and analytics at Rose
Commodity Group, said in a note.

"There is certainly an opportunity for the market to go up
with so much unfixed positions, but it is going to be
temporary."

Cotton contracts for December settled down 0.87
cent, or 1.21 percent, at 70.95 cents per lb. It traded within a
range of 70.86 and 72 cents a lb.

Prices hit a low of 70.86, its worst since January 24.

"The hot temperatures forecast into the weekend over the
High Plains of Texas will surely have all the bulls chirping
buy cotton, its burning up out there. However, the charts are
telling us a completely different story," Jobe Moss, a broker
with MCM Inc in Lubbock, Texas, wrote in a note.

The daily and weekly trends have solidly turned down, Moss
added.

Total futures market volume fell by 10,404 to 37,025 lots.
Data showed total open interest gained 472 to 234,543 contracts
in the previous session.

Certificated cotton stocks <CERT-COT-STX> deliverable as of
June 13 totaled 468,011 480-lb bales, up from 458,935 in the
previous session.

(Reporting By Nallur Sethuraman in Bengaluru; editing by Diane
Craft)


Source: Reuters










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