General Comments: Futures were mostly a little higher. Planting and growing conditions remain in a state of flux. Rains are moving through the Delta and Southeast this week to slow planting progress, and it is still cold and dry in the north Texas region. Some traders think that US planted area will increase from the estimates released at the end of March due to more favorable Cotton futures prices and sinking Corn and Soybeans futures prices. Weather will be watched as more wet weather in the Delta and Southeast could create less interest in Corn and more in Cotton to avoid having Corn pollinate in the hottest time of the year. Producers have been active planting depending on the región involved. Demand ideas remain strong overall based on the strong export paces seen in the USDA reports in recent weeks and on reports of tight domestic and world cash markets, but export demand is a little less lately.
Overnight News: The Delta and Southeast will see rains and storms over the second half of the week. Temperatures will average below normal. Texas will get mostly dry weather. Temperatures will average much below normal through Wednesday, then will trend to near normal by Friday. The USDA spot price is now 80.15 ct/lb. ICE said that certified Cotton stocks are now 0.487 million bales, from 0.487 million yesterday.
Chart Trends: Trends in Cotton are mixed to down with objectives of 8200, 7885, and 7495 May. Support is at 83.00, 82.60, and 81.40 May, with resistance of 84.60, 85.40, and 86.20 May.
General Comments: Futures closed mixed, with nearby months a little higher on tight supplies, but deferred months a little lower on signs of improving weather. Some speculators are rolling positions or liquidating positions as Frist Notice Day is coming with the start of May. The growing conditions are getting better in many parts of Florida. Some good rains were seen in the state over the weekend, but drought conditions persist overall. More showers are likely today, then conditions should turn dry again. Greening disease and what it might mean to production prospects continues to be a primary support item. Irrigation is widespread, even with recent rains. Temperatures are warm in the state. The Valencia harvest is continuing. Brazil is seeing near to above normal temperatures and dry weather.
Overnight News: Florida weather forecasts call for mostly dry conditions after some showers today. Temperatures will average near to above normal.
Chart Trends: Trends in FCOJ are mixed to down with objectives. Support is at 144.00, 141.00, and 140.00 May, with resistance at 150.50, 152.00, and 155.00 May.
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