General Comments: Futures closed higher again as some tropical systems were seen forming in the Atlantic. It is too late to hurt the current production as the harvest is mostly over, but a big storm now could severely impact the coming production. So far the storms do not appear strong enough to damage crops, and might not get close enough to production areas to cause any concern. Showers are reported and conditions are said to have improved in almost the entire state. Ideas are that the better precipitation will help trees fight the greening disease. Greening disease and what it might mean to production prospects continues to be a primary support item and will be for several years. Temperatures are warm in the state, but there are showers reported. Brazil is seeing near to above normal temperatures and mostly dry weather.
Overnight News: Florida weather forecasts call for showers. Temperatures will average near to above normal. ICE said that 0 delivery notices were posted today and that total deliveries for the month are now 0 contracts.
Chart Trends: Trends in FCOJ are mixed. Support is at 130.00, 125.00, and 122.50 September, with resistance at 135.00, 138.00, and 139.00 September.
General Comments: Futures were mixed to higher on follow through buying from last week and also on ideas that crop conditions are getting worse in Texas. After the close, USDA showed that overall crop ratings dropped in the US and that most of the drop came in Texas. Parts of the Southeast are getting too much rain and Texas growing areas remain mostly hot and dry. Conditions in Alabama, Mississippi, and Missouri are below average now. Futures held the short term range. It is possible that futures can work lower again as demand has turned soft, but production and weather might be more important in the short term. Weather for Cotton appears good in India, Pakistan, and China.
Overnight News: The Delta should be dry except for showers and storms on Thursday and Southeast will see showers and rains Thursday through the weekend. Temperatures will average near to above normal. Texas will be mostly dry. Temperatures will average above normal. The USDA spot price is now 82.01 ct/lb. ICE said that certified Cotton stocks are now 0.610 million bales, from 0.601 million yesterday. ICE said that 77 notices were posted today and that total deliveries are now 2,592 contracts.
Chart Trends: Trends in Cotton are mixed . Support is at 86.00, 85.20, and 84.00 October, with resistance of 87.45, 88.00, and 88.20 October.
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