Cotton mixed as crop condition improves despite late planting


General Comments: Futures closed mixed to finish the week. A lot of rain was expected in growing areas over the weekend. It is possible for a couple of inches of rain to fall from Texas to the east. Georgia could get double that amount or even more. U.S. crop conditions right now are generally good with moderating temperatures and rains in the forecast for Texas this week and dry weather in the forecast for the Delta and Southeast. But, the crop remains well behind the normal pace due to delayed planting in the spring. The weather forecasts and the crop progress and condition reports offer no concerns for production at this time. Weather for Cotton still appears good in India and Pakistan, and harvest should be starting there. Cotton in China is seeing rain that could hurt quality.

Overnight News: The Delta and Southeast will see showers tomorrow, otherwise dry weather. Temperatures will average above normal. Texas will see dry weather. Temperatures will average above normal. The USDA spot price is now 81.19 ct/lb. ICE said that certified Cotton stocks are now 0.015 million bales, from 0.015 million yesterday.

Chart Trends: Trends in Cotton are mixed. Support is at 84.10, 83.70, and 83.55 December, with resistance of 85.10, 85.50, and 85.80 December.

Source: Futures Mag