General Comments: Futures closed lower after trading higher during the day. It was a disappointing close and one that implies more price weakness this week. Demand is poor at a time of expanding harvest, and for now the market is in search of some export sales. Good weather in U.S. productions areas has seen the harvest pace pick up quite a bit this week. Traders should get more reports on demand next week. Brazil conditions are reported to be very good in Bahia. US crop conditions right now are generally good in Texas. The Delta and Southeast are reporting generally favorable conditions as well. Trends are mostly down on the charts.
Overnight News: The Delta and Southeast will see rain develop at midweek and run through the end of the week. Temperatures will average near to above normal. Texas will see dry weather. Temperatures will average near to above normal. The USDA spot price is 76.45 ct/lb. today. ICE said that certified Cotton stocks are now 0.114 million bales, from 0.110 million yesterday.
Chart Trends: Trends in Cotton are down with no objectives. Support is at 78.80, 78.30, and 77.90 December, with resistance of 79.75, 80.10, and 81.20 December.
General Comments: Futures closed lower. The weather is still good and demand is still bad. 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. Growing conditions in the state of Florida remain mostly good. Dry weather has returned and conditions are said to be very good in almost the entire state. Temperatures are warm. Fruit is reported to be of consistent size and trees are reported in good condition. Some early harvest has started. Brazil is seeing near to above normal temperatures and showers.
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 118.00, 116.50, and 115.00 November, with resistance at 122.50, 125.00, and 127.50 November.