General Comments: Futures closed lower on speculative and mill selling tied to a weaker Brazil currency. Traders noted that the real traded stronger and weaker during the session, and sugar prices moved with the currency moves. The price action overall remains weak and implies that further losses are coming down the road because of coming Brazil supplies. Traders remain bearish on ideas of big supplies, especially from Brazil. Traders in Brazil expect big production as the weather is good. Demand is said to be strong from North Africa and the Middle East, but starting to fade now as needs are getting covered.
Overnight News: Showers are expected in Brazil. Temperatures should average near to above normal.
Chart Trends: Trends in New York are down with objectives of 1620, 1610, and 1600 July. Support is at 1620, 1600, and 1570 July, and resistance is at 1675, 1700, and 1720 July. Trends in London are mixed. Support is at 474.00, 470.00, and 467.00 August, and resistance is at 481.00, 487.00, and 491.00 August.
General Comments: Futures were lower on what appeared to be some speculative profit taking after the significant rally of the last couple of days. Trends are mixed. Ideas of good weather for US crops are still around. Traders are worried about Chinese demand, but there is talk that overall demand increased on the moves lower last week. US economic data has been improving, but mixed. The weather has improved in all áreas with some precipitation in Texas areas and drier weather in the forecast for the next few days for the Delta and Southeast. Dry weather is forecast for the Delta and Southeast, and warm weather is expected in Texas this week. Ideas are that farmers can get a lot of planting done with dry and warm conditions. Weather for Cotton appears good in India, Pakistan, and China.
Overnight News: The Delta and Southeast will see dry conditions or afternoon showers through the weekend. Temperatures will average near to above normal. Texas will get dry weather or a few showers. Temperatures will average near to below normal. The USDA spot price is now 79.34 ct/lb. ICE said that certified Cotton stocks are now 0.523 million bales, from 0.520 million yesterday. USDA said that net Upland Cotton export sales were 184,200 bales this year and 138,400 bales next year. Net Pima sales were 1,000 bales this year and 0 bales next year.
Chart Trends: Trends in Cotton are mixed. Support is at 83.60, 82.90, and 81.70 July, with resistance of 85.70, 86.40, and 86.90 July.
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