You are here

ICE cotton edges lower on rising harvest pressure

Nov 14 (Reuters) - ICE cotton futures dipped on Tuesday weighed down by growing harvest pressure, with federal data showing steady progress in the U.S. cotton harvest. Cotton contracts for March settled down 0.28 cent, or 0.41 percent, at 68.65 cents per lb. It traded within a range of 68.62 and 69.36 cents a lb. "In U.S. the harvest is moving along very nicely and we've got very good harvest weather," said Louis Rose, co-founder and director of research and analytics at Rose Commodity. On Monday, the U.S. Department of Agriculture's (USDA) weekly crop progress report showed 64 percent of cotton crop was harvested in the United States by the week ended Nov. 12, up from 54 percent in the previous week. "Mid-south is about finished, Texas is little ahead of the average ... we've got a lot of cotton coming into the pipeline and it has to be hedged," Rose added. The USDA in its monthly crop supply and demand report, raised U.S. production estimates to 21.38 million bales from 21.12 million bales in the previous month. Meanwhile, speculators cut their net long position by 5,695 contracts to 44,347 in week to Nov. 7, Commodity Futures Trading Commission data showed. Total futures market volume fell by 9,246 to 42,275 lots. Data showed total open interest gained 25 to 228,827 contracts in the previous session. Certificated cotton stocks <CERT-COT-STX> deliverable as of Nov. 13 totaled 48,128 480-lb bales, up from 46,922 in the previous session. The dollar index was down 0.68 percent. The Thomson Reuters CoreCommodity CRB Index , which tracks 19 commodities, was down 1.25 percent. (Reporting by Eileen Soreng in Bengaluru; Editing by Chizu Nomiyama)

© Copyright Thomson Reuters 2017. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Talk in Marketing

Most Recent Poll

What condition are your crops?