Cotton Market Turbulence Drives Wide Price Swings
New York cotton exchange saw heavy selling and a sharp decline from recent highs as August contracts dipped amid panic selling by long holders. Liverpool and New Orleans followed with further pressure while North Texas receipts and crop signals added to trading uncertainty. analysts warned against following market manipulators as prices fluctuated throughout the day.
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Grains and markets rally on cables and light rains
Chicago May market reports wheat firm on stronger cables and light Northwest rains. July wheat up about 4% from yesterday. corn and oats show modest gains while provisions edge higher. Grain trade reacts to weather, cables, and market rumors as prices move net higher.
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Sugar and Refinery Stocks Rally Amid Markets Turbulence
In New York May markets edged higher on demand for dividend plays while sugar shares jumped as rumors faded. Prices for refined sugar rose amid broader uncertainty with heavy activity in London and Pacific blue chips, and tobacco and gas stocks showing strength on cover and dividend hopes.
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Money and exchange notes from New York and London markets
May reports show mercantile paper at 2 percent, 34i44y percent exchange ease with cred bills, 9 4872¢64.57% demand, and 60 day dry bills. bar silver at 0-16d per ounce. three percent rent in Paris. New York balances at 9,203,802. port activity lists arrivals and clearances including Helgoland from Bremen and Lampasas for New York.
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