Cotton Declines Sharply in Chicago and New Orleans
The cotton market closed with a sharp decline in Chicago amid rain forecasts and drought relief in Texas. August futures slid from 3.34 to 6.22 before rallying to 8.28, then dropping again as sentiment remained bearish. Total New Orleans and regional activity showed mixed demand and pressure, while spot prices in major markets eased.
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York
Jin
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Arope
Cotton Prices and World Supply Report Signal Drought Outlook
The Cotton Region Bulletin and World Visible Supply report show mixed activity with price declines in New York and easing sentiment after reports of heavy Texas rains. Declines followed by some recovery are noted as traders weigh drought relief against seasonal demand.
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Texas drought looms over cotton markets in banner years
The report notes a strong statistical position yet widespread drought in Texas dominates concerns. Mills face poor supply while forecasts suggest heavy selling in morning sessions. The 10,098,000 dollar session total hints at tepid trading as traders expect weather to drive prices lower and possibly set a new value standard.
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Texas
Cotton Market Letter from Atlanta June 27
Atlanta reports cotton prospects improving despite drought in Texas with rainfall uncertain. Prices mixed as stocks and rails firm, St Paul rising while Colorado Fuel and Iron and Amalgamated Copper weigh on meat assets. Wheat and corn show volatility with wet Southwest weather boosting demand. New York coffee futures steady. metal market weaker in London and New York. Local grain and flour prices steady to weak with slight buying interest. cotton seed oil quiet. Missouri Pacific and Wabash among firmer lines.
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Wall Street Advances In Afternoon Trading Amid Mixed News
Murphy & Co.'s stock letter notes a cautious session in New York with an uneven opening but a stronger afternoon as St. Paul gains on higher stock dividend and Missouri Pacific hits a ten month high. Illinois rises sharply, while Treasury balances show available funds near 205.5 million. Cotton and sugar markets, Gulf coast rice, and tonnage quotes appear with mixed results across Chicago, St. Louis, and Savannah.
Oats Lead Market Rally in Chicago Trading Floor
The oats market showed sharp gains amid strong cash demand and heavy short covering. Wheat and corn followed with mixed moves as traders weighed reports, with oats closing higher and reports noting limited new supplies until after August 1.
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