Commodities took it on the chin this week – hard. Still, cotton fared better than the grains with the ICE Dec contract giving up 150 points Vs last Friday as the Dec – Mar spread weakened, but remained at far less than full carry.
For next week…
Archive for June, 2016
June 25, 2016
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Saturday, June 25, 2016 – Weekly Complimentary Cotton Market Report
By admin in Daily Reports
June 24, 2016
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Thursday, June 23, 2016 – Weekly Cotton and Grain Market Report and Forecast
By admin in Daily Reports
June 23, 2016
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Thursday, June 23, 2016 – ICE Cotton Moves Higher Ahead of “Brexit” Vote Results on Strong Export Data
By admin in Daily ReportsThe Dec contract picked up 89 points, post the release of relatively strong US export data and ahead of the “Brexit” vote results, settling at 65.42. The settlement was within the upper one half of the trading range. The Mar contract gained 94 points, settling at 66.05, the net effect leaving the Dec – Mar spread weakened at (63). Volume for Dec delivery slowed at approximately 16K lots traded while Dec OI contracted at around 154K contracts.
For tomorrow…
June 23, 2016
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Thursday, June 23, 2016 – Weekly Cotton and Grain Market Report and Forecast
By admin in Daily Reports
June 23, 2016
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Thursday, June 23, 2016 – Weekly US Cotton Export Results and Commentary
By admin in Weekly ReportsTotal net export sales and shipments against the current MY for the week ending June 16th were notably greater Vs the previous sales period at approximately 178K and 177K running bales, respectively. Shipments were close to the weekly pace required to meet the USDA’s 9M bale export target. Sales cancelations were light at around 6K running bales. Total export sales against the 2016/17 marketing year were fairly strong at nearly 97K running bales.
Today’s data is, we think, is supportive. It certainly seems that, in aggregate, the market expected a much strong export report today than did we. However, Dec was trading around 80 points on yesterday’s settlement at the time of release and much of the report may be factored in, at this point. We expect Dec to finish higher today Vs yesterday, but we would like to be buyers near 64.50 and sellers near 66.40.
