Cotton Prices Jump on Strong Liverpool Opening
Cotton futures rise as Liverpool opening strength supports gains. Weather remains favorable for cotton trading, sustaining momentum amid early market activity.
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Oct 10, 1916
Page
11
Cotton futures rise as Liverpool opening strength supports gains. Weather remains favorable for cotton trading, sustaining momentum amid early market activity.
Quotations show Middling prices around 16 to 17 cents in major markets. Liverpool open higher boosts US sentiment, with October-November futures hitting new records as New York and New Orleans rise early, then ease. Spot San Antonio reports mixed grades from_GOOD to LOW middling around 16 to 15 cents.
The New York cotton market opened steady gaining 5 to 18 points as December touched 17.28 and January 17.13. Traders cited firmer cables and higher marine war risk while hedge selling pared some advances. October rose to 17 cents, December near 17.29, with February 17.10 to 17.46 range at session close.
Bullish telegrams from Liverpool and higher futures sparked a steady opening in New Orleans cotton. In the first half hour prices gained 11 to 12 points, with demand rising as interior reports showed spot holders resisting declines. By noon prices stood 16 to 19 points above yesterday's close.
In New Orleans on October 10, cotton futures opened steady with October at 16.20, December 16.45, January 16.58, March 16.80, and May 17.02. The session closed firm with prices showing modest gains across near and deferred months. December, January, and March futures posted higher closing values.
Opening trading shows substantial gains from prior lows with notable strength in industrials and equipment names such as American Sugar and Republic Steel. United States Steel and rail stocks gain, gas shares surge, and shipping issues show improvement as markets extend a recovery.
Trading in Mexican money in San Antonio showed quotations for silver pesos and bank notes, with London and Mexican currencies cited. Bar silver closed at 32 1/2 cents per ounce, money at 4 percent, and discounts posted for various bill maturities.
The New York metal exchange lists lead at 7.00 to 7.10 and pelter quiet with spot East St Louis. In London on October 10 lead is 15s per pound and spelter 66 pounds sterling.
Spot cotton prices show good middling at 10 184, middling 10 044, and low middling 9.88 pence per pound. Trade includes 600 speculative and ex pot sales. Receipts reach 13 000 bales.
At Union Stock Yards on Oct 10 the market improved as demand rose while prices stayed near steady. Cattle supplies thin as steers move well, stocker calves arrive, hogs fetch top cash at 9.25, with receipts and offerings listed for cattle calves hogs goats and total markets.
Chicago market report shows hog receipts at 20 000 with slow trade and mixed prices from 5 to 19 cents under yesterday. Cattle receipts 16 000 with an easy market for native beef and western steers from 3.50 to 9.40. Sheep receipts 26 000 with a strong market. wethers 6.60 to 8.25 and lambs 7.50 to 10.60."
Receipts and price ranges for hogs cattle and sheep at Saint Louis on October 10 show hogs 5 to 10 cents lower with light hogs at 9.40 to 9.95 per cwt and fat hogs 9.25 to 10.25. Cattle receipts 8500 with slow to fair demand. native beef steers 7.60 to 11.00. cows 4.50 to 7.50. prime steers 8.00 to 9.00. native calves 6.00 to 11.76. Sheep receipts 2000 with lambs 7.00 to 10.26. slaughter ewes 5.00 to 7.26. bleating ewes 8.50 to 9.60. yearlings 8.00 to 8.75.
Kansas City reports receipts with hogs 14 000 and cattle 20 000 including 300 southern steers. Hogs range 9.00 to 10.70 with bulk near 9.20 9.60. cattle chiefly 4.50 to 7.50 with prime fed steers at 9.40 10.75. sheep receipts 16 000 and prices for lambs 9.50 10.15, yearlings 7.57 7.75, wethers 7.00 8.00, ewes 6.50 6.75, stockers 6.50 10.40.
Receipts today: cattle 2600 steady hogs 2000 steady sheep 709 steady. Prices show top hogs around 9.50 per cwt with steady values across cattle and sheep. The report notes specific lots including steers and feeder weight categories reflecting a balanced market in Oklahoma City.
In Pittsburg on October 10, major purchasing agencies began the market with a ten cent per barrel rise for the higher priced crude oil grades and five cents for heavy oil. New price levels show Pennsylvania crude at 2.50 dollars and several brands including Cabell, Mercer black, Corning, Newcastle, Somerset, and Ragland listed at varied rates.
Chicago report notes high cable quotations and Argentina drought bolstering wheat. Spring wheat stock shortfall versus North Dakota boosts buyer confidence as December and May bids rise before a flat to higher trade. Corn and oats gain on related demand. hogs and provisions trend up on Liverpool price signals.
Local packing house quotations show dry salt extras at 16 percent, bacon extras at 18 cents, dry salt bellies averaging 14 to 16 pounds, fancy breakfast bacon at 28 cents, fancy hams at 2 cents, bacon bellies 14 to 16 pounds averaging 20 cents. Pure lard 16 and compound 13 cents.
Kansas City grain futures closed with Wheat December 1.58 per bushel May 1.55. Corn December 74 cents May 77 cents. Prices reflect current market trading and liquidity at the exchange.
Observations taken at 8 a m Tuesday October 10 1916 provide meteorological readings for the day. The bulletin records atmospheric conditions, temperatures, and other standard weather data from the department's instruments.
In Savannah on October 10 a turpentine firm shows 48 percent sales with 178 ecetges and 476 shipments, stock at 23 930. Tiesin firm posts 989 sales with 1 439 receipts and 111 shipments, stock 898. Quotations list several grades and prices such as 6.00 to 6.50 per unit across grades E F R M W G and related variations.
In Duluth on October 10 closing prices show October 24 243 0 5 241 December 239 May 243 with bids and asks noted for the three contract months.
The Cotton Region Bulletin reports 24 hour conditions ending 8:00 a.m. with temperatures varying by location. Northern areas show below normal readings while southern parts run above normal. Rainfall includes an inch or more at Okolona and Charlotte with mixed totals elsewhere. Buell, meteorologist, notes belt weather.
In New Orleans on October 10 rough and clean rice held steady. Receipts listed include rough Honduras, Carolina, and Japan, with clean Honduras and Japan and Blue Rose varieties priced around 2.50 to 2.80 per unit. Bran quoted from 16.09 to 18.00 with other notes on prices and quality.
The Southern Rice Growers Association reports Texas led in rough rice sales last Saturday totaling 20 716 sacks with 11 946 sold in Texas 6971 in Louisiana and 2798 in Arkansas. The Honduras Japan markets were slightly higher at week end while Blue Rose steady.
Shippers report steady markets for Texas country candied goods and butter as of Tuesday. Poultry remains firm with hens at six dollars per dozen and large fryers around six fifty to seven eighty, turkey eighteen to nineteen cents per pound, ducks five to six fifty per dozen, geese from six to eight dollars.
Chicago quotations show little change with butter and poultry steady. Egg receipts 8040 cases and potatoes 60 carloads appear unchanged amid quiet trading.
Prices listed for butter creamery firsts and seconds at 29 1/2 and 27 1/2 cents. Eggs mark firsts 31 cents. Poultry shows hens 10 to 11 cents, roosters 11 to 13 cents, broilers 19 1/2 cents. Potatoes reported firm. Note on new adjustable forms to reduce carpenter work for concrete steps.
New York Oct 19 The unfilled orders of the United States Steel Corporation on September 20 stood at 9 522 584 tons a decrease of 137 773 tons compared with those of August 31 according to the monthly statement issued today.
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