General Comments: Futures closed a little lower and short term trends are turn down. Futures traded lower as traders weighed slow crop development against improving conditions, but found some short covering late to finish well off the lows. Buyers have pulled away from the market and will wait for a bottom to form before buying in a big way. Very hot weather conditions in China continue, and the weather in Cotton areas is not really improving right now in that country. However, some showers are in the forecast to provide some help. Weather is moderate in the US. US crops remain behind the normal pace, but overall crop ratings are high and current conditions are called good. Texas is dry and warm. Weather for Cotton still appears good in India.
Overnight News: The Delta will be dry and Southeast will see a few showers. Temperatures will average above normal in the Delta and mostly above normal in the Southeast. Texas will see dry weather. Temperatures will average above normal. The USDA spot price is now 80.01 ct/lb. ICE said that certified Cotton stocks are now 0.021 million bales, from 0.023 million yesterday.
Chart Trends: Trends in Cotton are down with objectives of 83.00, 82.70, and 81.20 October. Support is at 83.00, 82.90, and 81.80 October, with resistance of 83.90, 85.05, and 85.30 October.
General Comments: Futures closed little changed and the market remains in a short term trading range. Some speculative selling was seen to close out the week. It is the high point of the hurricane season and all remains mostly quiet. There are still no real threats showing in the tropical Atlantic for Florida or Orange production as have been the case for the entire season until now. The weather in the tropics has started to show a little more life as some of the conditions for tropical development have improved. Growing conditions in the state of Florida remain mostly good. Showers are reported and conditions are said to be very good in almost the entire state. Temperatures are warm. Brazil is seeing below normal temperatures and mostly dry weather, but production areas will turn warmer again this weekend.
Overnight News: Florida weather forecasts call for some showers. Temperatures will average near normal.
Chart Trends: Trends in FCOJ are mixed. Support is at 135.00, 133.00, and 129.00 November, with resistance at 139.00, 140.00, and 142.00 November.
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