Cotton Rises Further But Grains Fall Ahead Of Friday’s Crop Report

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RTTNews.com – Cotton futures continued to rise on Tuesday, touching a fresh 3-week high ahead of this week’s plantings report from the U.S. Agriculture Department.

At final check, the May cotton contract on the Chicago Board of Trade rose 1.61 cents to 92.52 cents per lb, and was set for its highest closing price since early March.

Cotton prices have rebounded in recent days, after a month-long downtrend took the May benchmark contract to a 2012-low near 87 cents on March 15.

On the other hand, soy bean futures fell from a six-month peak amid speculation of strong crop. Soybeans for May delivery were down 9.6 cents to $13.71 a bushel.

Wheat prices were also down on hopes for greater production in Europe. The May wheat contract was down 19.6 cents, or more than 2.5 percent, at $6.396 a bushel.

Uncertainty about Friday’s crop report kept corn futures in check. With recent crop reports defying analyst predicts by wide amounts, traders were moving to the sidelines. May corn lost 7 cents to $6.306 a bushel.

Source: http://www.nasdaq.com/article/cotton-rises-further-but-grains-fall-ahead-of-fridays-crop-report-20120327-01319

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