Cotton mixed as crop condition improves despite late planting

COTTON (NYBOT:CTZ13)

General Comments: Futures closed mixed to finish the week. A lot of rain was expected in growing areas over the weekend. It is possible for a couple of inches of rain to fall from Texas to the east. Georgia could get double that amount or even more. U.S. crop conditions right now are generally good with moderating temperatures and rains in the forecast for Texas this week and dry weather in the forecast for the Delta and Southeast. But, the crop remains well behind the normal pace due to delayed planting in the spring. The weather forecasts and the crop progress and condition reports offer no concerns for production at this time. Weather for Cotton still appears good in India and Pakistan, and harvest should be starting there. Cotton in China is seeing rain that could hurt quality.

Overnight News: The Delta and Southeast will see showers tomorrow, otherwise dry weather. Temperatures will average above normal. Texas will see dry weather. Temperatures will average above normal. The USDA spot price is now 81.19 ct/lb. ICE said that certified Cotton stocks are now 0.015 million bales, from 0.015 million yesterday.

Chart Trends: Trends in Cotton are mixed. Support is at 84.10, 83.70, and 83.55 December, with resistance of 85.10, 85.50, and 85.80 December.

FCOJ (NYBOT:OJX13)

General Comments: Futures closed higher on some short covering to finish the week. The historical peak of the hurricane season has passed and so far no storms have come close to the state. There are still no real threats showing in the tropical Atlantic for Florida. 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 to above normal temperatures and showers.

Overnight News: Florida weather forecasts call for some showers. Temperatures will average near normal.

Chart Trends: Trends in FCOJ are down with objectives of 121.00 November. Support is at 124.00, 122.50, and 121.00 November, with resistance at 129.00, 131.00, and 132.00 November.

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