General Comments: Futures closed higher on some short covering to end the week. Export sales were stronger than anticipated to provide a reason to buy. U.S. crop development remains behind because of delayed planting this year, but crop conditions right now are generally good. Very hot weather conditions in China continue, and the weather in Cotton areas is not really improving right now in that country. However, recent rains have helped hold the crop. Weather is moderate in the U.S. Texas is dry and warm. Weather for Cotton still appears good in India. The market is getting ready for the harvest, and any rallies now might be very limited in scope.
Overnight News: The Delta will be dry and Southeast will see a few showers late in the week. 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 79.89 ct/lb. ICE said that certified Cotton stocks are now 0.018 million bales, from 0.018 million yesterday.
Chart Trends: Trends in Cotton are mixed to down with objectives of 82.70 and 81.20 October. Support is at 82.80, 82.30, and 81.80 October, with resistance of 84.00, 85.05, and 85.30 October.
General Comments: Futures closed a little higher. It is now past the midpoint of the hurricane season and all remains mostly quiet. However, the historically biggest part of the season is coming up. There are still no real threats showing in the tropical Atlantic for Florida. The one system of interest is flowing east of the state in the ocean. 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 near 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 to down with objectives of 129.00 and 121.00 November. Support is at 131.00, 129.00, and 126.00 November, with resistance at 137.00, 139.00, and 140.00 November.
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