Cotton Market Sees Early Nervous Trading
Cotton prices move with jitters as traders monitor crop estimates and market nerves while early trading unfolds. Investors watch supply signals and potential shifts in demand affecting prices.
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Dec 11, 1916
Page
11
Cotton prices move with jitters as traders monitor crop estimates and market nerves while early trading unfolds. Investors watch supply signals and potential shifts in demand affecting prices.
The New York cotton market opened nervously and liquidated on lower cables but rallied on the government crop estimate. January contracts rose from 18.55 to 18.88 and May from 19.05 to 19.83 before the first hour, with Liverpool trading both sides and a later spill to 18.50 for January and 19.06 for May before steadiness returned through midday.
Prices for almost all poultry rose Monday morning with large hens at 6 to 7 dollars per dozen and turkeys up to 22 to 23 cents a pound. Ducks, geese, friers and beans also saw notable shifts while other vegetables stayed steady amid a tightening market.
In Chicago traders weigh rumors of Greece entering war as wheat futures fall. News of scarce Britain stocks and weak export demand press prices lower after initial lifts. May and July contracts slip while corn falters on rail embargo notices and tight US supply.
The Union Stock Yards report notes strong overall livestock demand with cattle steady to higher, Fort Worth calves up two dimes, hogs rebounding from a slump, and a firm sheep market. Receipts include cattle 1087, calves 287, hogs 192, horses 108. San Antonio trade includes cattle 290, calves 20, hogs 192. Texas and Missouri markets follow with varied but positive pricing and strong activity.
The weather bulletin lists conditions for multiple cities including Abilene Amarillo Atlanta Birmingham Brownsville Charleston Chicago Corpus Christi Dallas Del Rio El Paso Fort Worth Galveston Jacksonville Key West Louisville Tenn New Orleans New York Oklahoma City Palestine St Louis San Antonio Tampa Taylor and Washington. Reports show clear skies in many locations with winds varying by direction and occasional cloudiness and light rain in select areas.
The New York cotton market opened steady with December at 15.60 cents and other contract front months ranging up to 19.12. Futures closed 94 to 100 points lower, with May around 18.11 and October near 17.60 as traders weighed receipts and demand. Liverpool call prices for Tuesday show declines of 82 to 87 points, while January to March figures show shifts in early positions.
Cotton futures opened nervy and irregular as Greece concerns sparked early selling. Prices fell sharply after the government crop estimate of 11,811,000 bases was released, with January and other months posting notable losses from Saturday's close.
New Orleans December 11. Cotton opened irregular with bids for December at 00, January 18.09, March 18.40 asked, May 18.65, July 18.79, October 16.83. Futures closed 83 to 87 points lower.
Spot cotton reports show American mids at 11.68 to 12.88 pence with 7 000 bales traded and 31 000 receipts. The Liverpool Cotton Exchange will close on December 28 25 26 and January 1.
Liverpool reports steady futures with multiple successive contracts quoted from December 11.274 through August-September 11.244. An unclear line shows garbled figures likely representing additional months and values.
The Department of Agriculture reports the 1918 19 cotton season will reach 11 611 000 equivalent 800 pound bales. Last season produced 11 191 820 bales with 1910 14 259 281 average. Record 1914 had 16 184 980 bales. State figures for 1916 and 1916 show totals for Virginia North Carolina South Carolina Georgia Florida Oklahoma California and all others.
Shippers report buyers paid steady to firm prices for Texas country produce in San Antonio on Monday. Butter and creamery products ranged from 80 to 84 cents per pound, country butter 25 to 28 cents, packing stock 24 to 26 cents. Poultry values remained strong with large hens 6 to 7 dollars, mediums 5 to 6.60, small 4.25, large friers 6 to 8.50, medium friers 4 to 4.50, broilers 3 to 4.80, turkeys 22 to 23 cents per pound, ducks 3 to 7 per dozen, geese 10 to 12 dollars.
Kansas City on December 11 reports creamery butter at firsts 27 to 28 cents and seconds 36 to 34 cents, packing 2 cents. Eggs firsts 40 cents. Poultry Hens 16 cents, roosters 12 cents, live turkeys 22 cents. Potatoes steady at 1 dollar 56 cents.
Chicago market report shows butter creamery 81 3 4 cents, eggs steady with receipts 1480 cases and firsts 7 cents. Potatoes unchanged with 45 car receipts, Michigan price 1.55 to 1.62, white Minnesota Dakota 1.40 to 1.55, Ohio 1.50 to 1.55. Poultry alive higher with fowls 16 to 17 cents, turkeys 20 cents.
New York sugar futures opened easier as traders sold on spot market declines. At noon raw sugar was down and refined grades showed softer bids with prices for Centrifugal, Cut Leaf, Cubes, and various refined forms drifting lower across the board.
Cotton seed oil quotations are reported in New York as of December 11. The description explains steel ships sunk during the present war could be raised using pontoons clamped to the hull with strong electric magnets powered by surface generators.
Quotations show wheat down one cent with No 2 hard at 1.72 to 1.79 and No 2 red at 1.74 to 1.78. Corn ranges off about half a cent with several classes listed from 8 to 91 cents. Oats slip about a half cent with No 2 white at 56 to 66 cents and No 2 mixed at 64 to 55 cents.
Grain futures closed with Wheat at 1.71 percent for December and 1.72 for May. Corn settled at 9 and 90 for December and May respectively.
Wheat quotes rose four cents with No 2 red at 1.80 to 1.82 and No 2 hard at 1.79 to 1.84. Corn declined with No 2 at 2 cents and No 2 white around 93. Oats held steady with No 2 at 55 to 68 and No 2 white nominal. Rye remained nominal.
Local market prices list dry salt bacon bellies and bacon extras with freights and averages. Pure lard compounds and American cheese are priced per unit with 28 cent per pound for cheese.
Cattle sales totaled about 1200 head with prices around 6.85 to 7.36 for various lots in Oklahoma including Mook, Goyder and Hughes areas. Hog prices about 6.95 to 7.75 with top hogs near 7.95. Sheep trade stronger with higher prices noted. In Galveston, the National Mohair Growers Association met for a western states convention continuing through Wednesday.
Kansas City stock market data reports receipts for cattle calves and sheep. Cattle totals reach 156000 with prime beef and southerns priced up to 12.00. Sheep receipts 9009 show lambs to 12.50 and yearlings near 11.00 as market remains steady to strong.
Fort Worth cattle and sheep market reports show receipts around 7000 cattle with calves and steers priced from 6.00 to 9.50, stockers 5.60, heifers 5.50 to 7.50, cows 4.00 to 5.60, calves 4.50 to 8.60, and sheep receipts 1200 with lambs 9.90 to 11.00, yearlings 7.50 to 8.50, wethers 7.25 to 7.75, ewes 6.75 to 7.60, goats 3.25 to 5.50.
Receipts and quotations for hogs cattle and sheep reported in Chicago with totals for hogs native beef steers calves and sheep. Hogs at bulk and Merits mixed prices varied. cattle receipts about 28600 with steers heifers and calves priced. sheep receipts about 22000 with steady market and varying lamb and ewe quotes.
A compact list of cotton figures by port and city includes Galveston Houston New Orleans Mobile Savannah and others with figures such as 5 6 884 6084 881 for various hubs in the Southeast and Northeast ports and inland markets.
Metal markets report from New York on December 11 shows lead at 7.90 to 8.10, spelter at 114 percent in St Louis delivery, copper and tin quoted for electrolytic and other quarters, iron steady with various Northern and Southern grades, and tin quiet. London spot quotes lead at 30 pounds sterling and spelter at 56? pounds sterling.
New York stock prices moved higher at the opening on Monday with gains in American Steel and other majors. Steel rose, Rubber hit a new high, while Mercantile Marine shares advanced. Later, a broad retreat followed amid Washington advisories and higher call loans, totaling about 1.9 million shares traded.
Trading in Mexican money on a recent Monday showed bids and asks for silver pesos at 2.53 and 2.56, half pesos at 0.46, with notes from the State Bank National Bank Bank of London and Mex, and Carranza money quoted at 4.5.
Time steady with sixty days at 4% and four to six months at 4 3/4%. Small money remains strong. High 10 cents, low 3 1/2 cents, ruling rate 3 1/2 percent, last loan 10 percent, closing at 9 percent, offered at 10 percent.
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