General Comments: Futures were higher in range trading. The cash market remains very quiet. However, roasters are showing more buying interest and it is possible to get some business done. Sellers, including Brazil, are quiet and are waiting for futures to move higher. Buyers are interested on cheap differentials, and might start to force the issue if prices hold and start to move higher in the short term on ideas that the market made a bottom. Brazil weather is forecast to show dry conditions, but no cold weather. There are some forecasts for cold weather to develop in Brazil early next week, but so far the market is not concerned. Current crop development is still good this year in Brazil. Central America crops are seeing good rains now. Colombia is reported to have good conditions.
Overnight News: Certified stocks are higher today and are about 2.747 million bags. The ICO composite price is now 116.15 ct/lb. Brazil should get dry weather except for some showers in the southwest. Temperatures will average near to above normal. Colombia should get scattered showers, and Central America and Mexico should get showers, and rains. Temperatures should average near to above normal. ICE said that 7 delivery notices was posted against July today and that total deliveries for the month are now 799 contracts.
Chart Trends: Trends in New York are down with no objectives. Support is at 117.00, 116.00, and 113.00 September, and resistance is at 123.00, 125.00, and 126.00 September. Trends in London are mixed to up with objectives of 1835 and 1900 September. Support is at 1755, 1720, and 1705 September, and resistance is at 1800, 1855, and 1870 September. Trends in Sao Paulo are down with no objectives. Support is at 140.00, 137.00, and 134.00 September, and resistance is at 148.00, 151.00, and 155.00 September.
General Comments: Futures were higher after holding support on the charts. It was a low volume session with the holiday this week. Futures held the short term range. It is possible that futures can work lower again as demand has turned soft. Ideas of better production conditions in the US caused some selling interest. Texas is reporting light precipitation, mostly in southern areas. Dry weather is being reported in the Delta and showers and storms are seen in the Southeast. The weather should help support crop development in the Delta and Southeast, and could help in Texas. Weather for Cotton appears good in India, Pakistan, and China.
Overnight News: The Delta should be dry and Southeast will see showers and rains. Temperatures will average near to below normal this week, but near to above normal this weekend. Texas will get a few showers early this week, but will be mostly dry. Temperatures will average near to below normal, but near normal this weekend. The USDA spot price is now 82.55 ct/lb. ICE said that certified Cotton stocks are now 0.623 million bales, from 0.623 million yesterday. ICE said that 757 notices were posted today and that total deliveries are now 2,317 contracts.
Chart Trends: Trends in Cotton are mixed. Support is at 85.10, 84.00, and 82.80 October, with resistance of 86.40, 86.90, and 88.00 October.
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