General Comments: Futures closed lower as the weather stays tranquil in Florida. The market is keeping in a range as there will be less production this year due to greening disease and some unfavorable weather earlier in the year, but has no reason to rally as demand remains mostly on the weak side and there have been no tropical systems to hit the state so far. In fact, there have not been that many tropical systems seen in the Atlantic at all this year. Production will be down due to the greening disease and some drought stress early in the year, but these losses are mostly factored into the price. 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 mostly dry conditions, but showers are likely late in the week.
Overnight News: Florida weather forecasts call for mostly dry conditions. Temperatures will average near to above normal.
Chart Trends: Trends in FCOJ are mixed. Support is at 125.00, 122.50, and 121.00 November, with resistance at 127.50, 130.00, and 132.00 November.
General Comments: Futures closed a little higher in consolidation trading. Trading has been quiet as there has been no demand news for more than a week now and as the harvest continues to move forward. But, the lack of USDA reports on demand and the daily price index and differentials table has greatly reduced volume as traders do not know exactly what is going on. India is suffering from a major cyclone that has hit the northeast part of the country. The cyclone could cause major damage to production and ports in the region. The area affected is a strong agricultural production area and some Cotton is produced there. Brazil conditions are reported to be very good in Bahia. US crop conditions right now are generally good in Texas. Trends turned down on the charts with the price action this week.
Overnight News: The Delta and Southeast will see showers move from west to east this week, then dry weather. Temperatures will average near to above normal. Texas will see light showers in eastern areas today, then dry weather. Temperatures will average near to below normal. The USDA spot price is not available today. ICE said that certified Cotton stocks are now 0.035 million bales, from 0.024 million yesterday.
Chart Trends: Trends in Cotton are down with no objectives. Support is at 82.90, 82.10, and 81.70 December, with resistance of 84.20, 85.50, and 85.80 December.