Today Grain Future

Corn futures closed 1 to 2 cents lower on the day.  USDA reported that 15% of the US crop is silking, behind the average 18% for this date but ahead of the 6% a year ago. Iowa was reported at 4% silking vs. the 5 year average of 10%.   Missouri was at 47% silking, which compares to the 5 year average of 39%.   USDA rated the crop 75% good/excellent, UNCH vs. last week. The Brugler500 condition rating inched up to 390 from 389 last week. This was the highest rating since 2004 for this week. The trade average guess for US corn yield on Friday is 165.9 bpa, up from 165.3 in the prior report.  Old crop ending stocks are expected to rise to 1.233 billion bushels, with the June 30 report suggesting smaller feed & residual use.

Jul 14 Corn closed at $4.08 1/4, down 1 cent,
Sep 14 Corn closed at $3.98 1/4, down 2 1/4 cents,
Dec 14 Corn closed at $4.04 1/4, down 2 cents
Mar 15 Corn closed at $4.15 3/4, down 2 cents

Soybean futures closed 9 to 33 cents lower on the day. Old crop beans displayed the most weakness, with the soon to expire July 14 closing at $13.38 (lowest price since mid Feb). There were 2 deliveries against the May 14 contract, bringing the MTD total to 32 lots. USDA shows show 24% of the crop blooming, ahead of the 21% average. Indiana was reported at 30% blooming, which is ahead of the 5 year average of 18%. Ohio was reported at 10% blooming vs. the 5 year average of 16%. Basis has weakened since the June 30 crop report, with imports taking away some urgency and producers selling their remaining old crop. Canadian sources are lowering projected canola production due to excessive flooding. The trade average yield estimate for the Friday USDA reports is 45.1 bpa per a Bloomberg survey.

Jul 14 Soybeans closed at $13.29 3/4, down 33 1/4 cents,
Aug 14 Soybeans closed at $12.48 1/2, down 24 3/4 cents,
Sep 14 Soybeans closed at $11.40 3/4, down 9 1/2 cents,
Nov 14 Soybeans closed at $11.16 1/4, down 9 1/4 cents,
Jul 14 Soybean Meal closed at $437.30, down $6.40,
Jul 14 Soybean Oil closed at $37.80, down $0.56

Wheat futures closed steady to a nickel lower. The CFTC report showed that the large specs were net short 40,714 contracts in Chicago as of last Tuesday night. They were net long 22,887 in KC. USDA rated 31% of the winter wheat crop good or excellent, vs. 30% last week. Spring wheat heading is at the normal pace of 47%. Spring wheat condition ratings slipped, with 6% rated poor/very poor vs. 5% last week. Official Russian wheat exports for last year (ending June 30) were 18.297 MMT. Egypt is taking advantage of the lower prices this week, scheduling a buying tender tonight for August 21-31 shipment. A Bloomberg survey puts the average trade guess for all wheat production at 1.964 billion bushels vs. 1.942 billion in June. USDA will update the number on Friday morning.

Jul 14 CBOT Wheat closed at $5.45 1/4, up 1/4 cent,
Jul 14 KCBT Wheat closed at $6.75, down 3 1/2 cents,

Live Cattle settled $1.42 lower to $0.15 higher. Feeders were $1.17 to $1.50 lower due to the pressure in front month cattle. Wholesale beef prices were sharply higher today, with choice boxes up $1.80 at $249.98 and select boxes up $1.39 at $242.62 in the pm. USDA found moderate demand and light to moderate packer offerings. Week to date slaughter at 229,000 head is down from 242,000 at the same point in 2013. Cash cattle asking prices appear to be in the $160-162 vicinity. The CME Feeder Cattle Index was down $.73 at $213.85.

Aug 14 Cattle closed at $153.525, down $1.425,
Oct 14 Cattle closed at $155.975, down $0.700,
Dec 14 Cattle closed at $155.350, up $0.150,
Aug 14 Feeder Cattle closed at $215.900, down $2.10
Sep 14 Feeder Cattle closed at $217.475, down $1.750
Oct 14 Feeder Cattle closed at $217.550, down $1.650

Lean Hogs settled $1.97 lower to $0.40 higher. The average pork carcass cutout value was $0.19 lower at $134.33 in the afternoon FOB report. Ribs were the strongest component. The CME Lean Hog Index was up another $0.59 at $129.25. Cash hog prices in the ECB were not reported due to lack of receipts. The WCB carcass average was up 13 cents, with IA/MN quoted 25 cents lower. Estimated week to date hog slaughter is 790,000 head, down 18,000 from the same Tuesday in 2013.

Jul 14 Hogs closed at $132.200, up $0.400,
Aug 14 Hogs closed at $129.850, down $1.975
Oct 14 Hogs closed at $116.300, down $1.550

Cotton futures closed 14 points lower to 17 points higher. There were a large 423 deliveries against the July 14 contract overnight, with New Edge being the largest stopper of 301 contacts. July futures expire on Wednesday. ICE Certified stocks were last reported at 417,912 bales, with 3,812 new certs, 4,894 decerts and 18,375 bales awaiting review. The Cotlook A Index is down 1.65 at 85.25. USDA showed 53% of the acreage squaring vs. the average of 60%. Condition ratings improved, with 55% rated good or excellent vs. 53% last week.

Jul 14 Cotton closed at 75, up 17 points,
Oct 14 Cotton closed at 70.09, down 14 points
Dec 14 Cotton closed at 70.1, down 13 points

 

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Today Grain Future

Ag Market Commentary

BRUG – 2 hrs 42 mins ago

Corn futures closed 7 to 9 cents lower across the board. The board was down as much as 10 – 12 cents at one point in the day but found some late session profit taking to close off the lows. Weekly export inspections last week were 1,080,525 MT, up from 886,949 MMT the prior week. YTD shipments are now 38,937,286 MT (1.532 billion bushels) which compares to 14,983,362 MT at this time last year. China has now re-sold 9.1 MMT of reserve corn to the domestic market since the auctions began in May. This afternoon USDA reported that 15% of the US crop is silking, behind the average 18% for this date but ahead of the 6% a year ago. They rated the crop 75% good/excellent, UNCH vs. last week. The Brugler500 condition rating inched up to 390 from 389 last week. It was higher in 1994, 2000 and 2004 for this week.

Jul 14 Corn closed at $4.09 1/4, down 7 3/4 cents,
Sep 14 Corn closed at $4.00 1/2, down 9 cents,
Dec 14 Corn closed at $4.06 1/4, down 9 cents
Mar 15 Corn closed at $4.17 3/4, down 9 cents

Soybean futures closed 8 to 24 cents lower across the board. Private exporters reported to the USDA export sales of 347,000 MT of soybeans for delivery to China during the 2014-15 marketing year. Cumulative new crop commitments to China are still only 6.5 MMT. Weekly soybean export inspections were reported at 59,959 MT, down from 74,324 MT last week. YTD inspections are now at 42,659,339 MT (1.567 billion bu) which compares to 35,090,098 MT last year. USDA said tonight that condition ratings were UNCH from last week. The Brugler500 rating is 381. They show 24% of the crop blooming, ahead of the 21% average. The CFTC Commitment of Traders report showed the large spec funds reducing their net long position to the lowest level since 2011.

Jul 14 Soybeans closed at $13.63, down 24 3/4 cents,
Aug 14 Soybeans closed at $12.73 1/4, down 26 1/2 cents,
Sep 14 Soybeans closed at $11.50 1/4, down 16 1/2 cents,
Nov 14 Soybeans closed at $11.25 1/2, down 8 cents,
Jul 14 Soybean Meal closed at $443.70, down $3.30,
Jul 14 Soybean Oil closed at $38.36, down $0.20

Wheat futures closed 18 to 23 cents lower on the day. The July 14 CBT contract displayed the most weakness and closed at $5.45. Weekly wheat export inspections were reported at 417,063 MT, up from 347,411 MT last week. YTD inspections are now at 2,267,143 MT which compares to 3,082,730 MT last year. USDA will issue the first 2014/15 supply/demand balance sheets by wheat class on Friday. Tonight, they reported that 57% of the winter wheat has been harvested, still lagging the 60% average. Kansas is now 70% done. USDA rated 31% of the crop good or excellent, vs. 30% last week. Spring wheat heading is at the normal pace of 47%. Spring wheat condition ratings slipped, with 6% rated poor/very poor vs. 5% last week.

Jul 14 CBOT Wheat closed at $5.45, down 23 cents,
Jul 14 KCBT Wheat closed at $6.78 1/2, down 18 1/2 cents,
Sep 14 MPLS Wheat closed at $6.61 3/4, down 10 3/4 cents

Live Cattle futures settled $0.05 to $0.85 lower. Feeders were $0.37 to $0.40 higher. Wholesale beef prices were higher today, with choice boxes up $0.06 at $248.18 and select boxes up $0.11 at $241.23 in the afternoon report. Last week packers bought some cattle in Nebraska at $158, with KS business at $157. The CME Feeder Cattle Index was down $.95 at $215.48. USDA’s estimated slaughter for last week was 491,000 head vs. 557,000 in the July 4 week the prior year. Monday slaughter was estimated at 112,000 head, down from 121,000 head a year ago. Supplies are still tight! USDA rates 56% of the crop in good/excellent condition, down from 58% last week.

Aug 14 Cattle are at $154.950, down $0.050
Oct 14 Cattle are at $156.675, down $0.225
Dec 14 Cattle are at $155.200, down $0.850
Aug 14 Feeder Cattle are at $218.000, up $0.375
Sep 14 Feeder Cattle are at $219.225, up $0.400
Oct 14 Feeder Cattle are at $219.200, up $0.350

Lean Hogs settled $0.07 to $1.10 higher. The average pork carcass cutout value was $.32 higher at $134.52 in the afternoon. The CME Lean Hog Index is up another $0.49 at $128.66 on Thursday. Cash hog prices were sharply higher, with the USDA direct hog carcass price up $3.41/cwt. in the IA/MN market and up $3.02 on average for the WCB. USDA didn’t hazard a guess on ECB values, due to only 2,898 receipts. The live basis price was quoted 33 cents higher at $99.95. Estimated weekly hog slaughter last week was 1.627 million head, down from 1.910 million the prior week and also down from the 1.784 million in the 2013 holiday week. Today’s run was estimated at 387,000 head, down 14,000 from last week and down 20,000 from year ago.

Jul 14 Hogs are at $131.800, up $0.0.07
Aug 14 Hogs are at $131.825, up $0.225
Oct 14 Hogs are at $117.850, up $1.100

Cotton futures closed 139 to 172 points lower on the day. The Dec 14 contract displayed the most weakness and has set a new low for the move at 70.00 China cotton futures on the Zhengzhou exchange for Jan delivery were down 1.51%. The Cotlook A Index is unchanged at 86.90. ICE Certified stocks were last reported at 418,894 bales, with 3,959 new certs, 47,549 decerts and 14,122 bales awaiting review. After the close, USDA reported that crop maturity continues to lag. They show 53% of the acreage squaring vs. the average of 60%. A whole 12% is setting bolls, lagging the 5 year average of 16%. Condition ratings improved, with 55% rated good or excellent vs. 53% last week.

Jul 14 Cotton closed at 74.83, down 139 points,
Oct 14 Cotton closed at 70.23, down 156 points
Dec 14 Cotton closed at 70.21, down 172 points

Corn Avalanche Coming as Rain Trumps U.S. Planting Slide – Bloomberg

Corn Avalanche Coming as Rain Trumps U.S. Planting Slide

The 8-foot (2.4-meter) corn stalks on Bill Long’s farm in southern Illinois are so big, green and healthy that he wishes he’d sold more of it sooner.

Like many growers across the Midwest, Long expects a second straight record crop that will boost domestic stockpiles already at a four-year high. Output in the U.S. will jump 2.8 percent to 14.314 billion bushels, the most ever, researcher The Linn Group Inc. estimated in a July 1 report. Even after fewer acres were planted, the wettest June on record left fields in the best condition since 2003 and sent prices into a bear market two months before the harvest starts.

“There is a wall of grain coming at us,” said Roy Huckabay, an executive vice president at Linn Group in Chicago, said in a telephone interview July 2.

Two years removed from a devastating drought that damaged crops and sent prices surging, farmers will see yields rise 4.1 percent to an all-time high of 165.3 bushels an acre, government data show. Rising grain output in the U.S., the world’s largest producer, is keeping global food prices in check while boosting profit for meat producers including Tyson Foods Inc. and makers of sweeteners and ethanol including Archer-Daniels-Midland Co. (ADM)

Photographer: Daniel Acker/Bloomberg

Output of corn in the U.S. will jump 2.8 percent to 14.314 billion bushels, the most… Read More

Futures have tumbled 22 percent since the end of April on the Chicago Board of Trade, slipping into a bear market on July 3. Prices today reached $4.03, the lowest since August 2010. The Bloomberg Commodity Index of 22 raw materials dropped 3.9 percent over the same period, while the MSCI World Index of equities advanced 4.3 percent. The Bloomberg Treasury index gained 0.3 percent.

Price Outlook

Corn’s slump may worsen once the harvest starts. In separate reports, Goldman Sachs Group Inc. said June 23 that prices will drop to $4 in six months, while Rabobank International said July 1 the grain will average $4.07 in the fourth quarter. Dan Basse, the president of AgResources Co. in Chicago, predicted a drop as low as $3.50.

As of June 29, 75 percent of the crop was in good or excellent condition, compared with 67 percent a year earlier and the highest at this stage of development since 2003, the U.S. Department of Agriculture said. After low temperatures delayed planting this year, the arrival of warm, wet weather accelerated plant development in June with about 5 percent already reproducing this week, up from 3 percent in 2013.

“Right now, it looks as good as it did last year when we had a record harvest,” Long said by telephone from Franklin, Illinois, where he farms about 3,000 acres with his son. “We have moisture in the ground and mild temperatures for successful pollination. We are ahead of the game.”

‘Phenomenal Potential’

In Iowa, the top U.S. grower, fields show “phenomenal yield potential,” said Todd Claussen, director of agronomy at Ames-based Farmers Cooperative Co., the largest member-owned grain elevator and farm-supply company in the state. Claussen, who travels 55,000 miles a year scouting fields, said farmers planted more seeds per acre than ever and predicted yields in Iowa may near the record of 182 bushels an acre in 2009.

Improved output per acre is more than making up for a 4.4 percent drop in harvested acreage forecast by the USDA. Improved output in the U.S. will help boost global inventories by 8 percent next year to 182.65 million metric tons, the highest in 15 years.

Global output of all grain is forecast to be 2.5 billion metric tons, 18.3 million more than predicted last month, the United Nation’s Food and Agriculture Organization said July 3. Global food prices fell in June for the third straight month.

Weather Risk

With harvest still two months away, output may fall short of forecasts and rising demand may help keep prices from slipping further.

With reduced planting, the impact of heavy rains earlier this year may keep yields around 159 bushels an acre, below the USDA estimate, Bennett Meier, an analyst at Morgan Stanley in New York, said in a report.

Some fields in the Midwest received three times the normal rain in June, which was headed for the wettest on record since 1895, according to T-Storm Weather LLC in Chicago.

“Rains probably have taken the top end off yields, and with a smaller acreage, the crop may be less than a year ago,” said Jerry Gidel, the chief feed grains analyst for Rice Dairy LLC. “Corn prices are cheaper than a year ago, and demand should be better than people expect. We could see the market bottom by the end of July.”

Less Bullish

Money managers have been cutting their corn holdings for the past seven weeks, and are the least bullish since February. As of June 24, net-long positions in futures and options fell to 115,176 contracts, down 58 percent since April 1, U.S. Commodity Futures Trading Commission data show.

With prices already down 17 percent from last year, Long said he will probably end up storing about 25 percent of his crop after the harvest for the first time in four years. He sold about half of his expected output already.

“I wish I had sold more,” said Long, 58. “Farmers are going to stick the corn in the bin and sit on it after harvest.”

Stockpiles in the U.S. on June 1 reached 3.854 billion bushels, up 39 percent from a year earlier and the most for this time of year since 2010, USDA data show. By Sept. 1, 2015, before the harvest, inventories will total 1.726 billion, 51 percent higher than a year earlier.

More Bins

Topflight Grain Cooperative Inc., based in Bement, Illinois is adding 1.5 million bushels of storage capacity and will probably have to tap emergency bins, said Scott Docherty, the general manager. About a third of crops in the area are starting to pollinate, with farmers anticipating yields as high as 250 bushels an acre, compared with an average of about 180 last year, Docherty said.

As much as two-thirds of the U.S. corn crop will push through the critical pollination period by July 20, Bethesda, Maryland-based Commodity Weather Group said in a report to clients on July 1. There are no signs of sustained heat, and moisture will be generally adequate, aiding development for “better-than-average yields,” the forecaster said.

“There will be a mountain of grain at harvest this year,” AgResource’s Basse said by telephone July 2, after scouting corn from Memphis to Minneapolis in the last week of June. “There are some blemishes along river and creek bottoms and some hail and wind damage, but it’s the best crop I’ve seen since at least 1994.”

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29

To contact the editors responsible for this story: Millie Munshi at mmunshi Steve Stroth

Corn Futures Tumble to Nearly Four-Year Low; Soybeans Slide – WSJ

Corn Futures Tumble to Nearly Four-Year Low; Soybeans Slide

CHICAGO—Corn futures dropped to a nearly four-year low, and soybeans slid to their lowest in more than four months as favorable weather over the July 4 holiday weekend improved prospects for U.S. crops.

Corn prices slumped more than 2%, reaching the lowest price for a front-month contract on the Chicago Board of Trade since August 2010. The grain has tumbled about 21% since April 29, exceeding the 20% threshold that officially makes it a bear market.

In the past week, as much as six times the normal amount of precipitation fell in parts of Iowa and Illinois, the biggest U.S. growers of corn and soybeans, further improving growing conditions for crops. About three-fourths of both crops were in good or excellent condition last week, according to the U.S. Agriculture Department.

Continued hot, rainy weather will help improve corn and soybean yields that the USDA has estimated will reach record levels this year, analysts said. The government has estimated this autumn’s corn harvest will total 13.935 billion bushels, topping last year’s record crop, while soybean output also will hit the highest ever.

“There’s just no real stressy, hot [weather] coming along, so we’re going to blast prices down,” said Jack Scoville, vice president at brokerage Price Futures Group in Chicago. “Most areas are in really good shape.”

Corn for July delivery, the front-month contract, fell 10.75 cents, or 2.6%, to $4.0625 a bushel. Prices earlier slipped to $4.055 a bushel, the lowest since Aug. 26, 2010.

December corn futures, the most actively traded contract, dropped 10.5 cents, or 2.5%, to $4.0475 a bushel.

Corn prices plunged 40% last year as U.S. farmers collected the biggest crop in history. Futures climbed for much of the early part of this year, as the drop in prices helped stimulate demand from ethanol producers and foreign buyers. But futures have fallen sharply since early May as rains improved soil conditions across the Midwest.

Anticipation for another bumper crop this year is encouraging investors who were “long” the market, or had bet on rising futures, to sell contracts and liquidate positions, further driving down the cost of corn, said Terry Reilly, senior broker at Futures International in Chicago.

The multiyear “low in corn is not shocking, but came a little earlier than we anticipated,” Mr. Reilly said.

Soybean futures have fallen for six straight sessions, pressured by the USDA’s forecast June 30 for U.S. growers to plant a record 84.8 million acres this year, more than 2 million above average analyst estimates.

Futures for delivery dates this autumn could drop as low as $11 a bushel this week, said Jamey Kohake, a broker at Paragon Investments in Silver Lake, Kan.

Soybean futures for July delivery declined 25.25 cents, or 1.8%, to $13.625 a bushel on the CBOT. The price earlier reached the lowest level since Feb. 21.

November soybean futures, the most actively traded contract, dropped 14 cents, or 1.2%, to $11.195 a bushel.

Wheat dropped, following corn and soybeans lower. Wheat also was pressured by speculation that larger global crops will increase world stockpiles, offsetting poor production in the U.S. that was hurt by drought and untimely rain in the southern Great Plains.

Wheat futures for July delivery declined 12.5 cents, or 2.2%, to $5.555 a bushel in Chicago.

Write to Tony C. Dreibus at tony.dreibus

Today Grain Futures

Corn futures closed 1 to 2 3/4 cents lower ahead of the long holiday weekend. There were 5 deliveries against the July 14 contract overnight, bringing the MTD total to 16 lots. The oldest long is dated 11/27/13. Trade ideas for USDA weekly export sales were in the 500-900,000 MT range. USDA put the actual figures at 765,400 MT (including 474,700 MT for 14/15). Egypt booked 176,000 MT of new crop corn. A Memphis based consultant estimated the US average yield at 165 bpa on a harvested acreage of 83.239 million.

Jul 14 Corn closed at $4.17, down 1 1/2 cents,
Sep 14 Corn closed at $4.09 1/2, down 2 3/4 cents,
Dec 14 Corn closed at $4.15 1/4, down 2 3/4 cents
Mar 15 Corn closed at $4.26 3/4, down 2 1/2 cents

Soybean futures closed 4 to 15 cents lower on the day. The Aug 14 contract displayed the most weakness and finished at $12.99 3/4. There were 3 deliveries against the July 14 contract overnight, bringing the MTD total to 27 lots. Trade estimates for old and new crop export sales last week were in the 300-650,000 MT range, with nearly all of those expected to be new crop. USDA put the actual figure at 471,800 MT (including 431,200 MT for 14/15). Census also reported May soybean imports this morning, putting the figure at 8.3 million bushels. That brings the YTD total to 38.8 million, with 3 months remaining in the marketing year.

Jul 14 Soybeans closed at $13.87 3/4, down 4 3/4 cents,
Aug 14 Soybeans closed at $12.99 3/4, down 15 cents,
Sep 14 Soybeans closed at $11.66 3/4, down 13 1/2 cents,
Nov 14 Soybeans closed at $11.33 1/2, down 8 cents,
Jul 14 Soybean Meal closed at $447.00, down $5.30,
Jul 14 Soybean Oil closed at $38.56, up $0.09

Wheat futures closed steady to 14 cents higher. The July 14 KCBT contract displayed the most strength and was over up 14 cents in the thinly traded and soon to expire July contract. The oldest July long in Chicago is dated June 19, with the oldest KC long dated June 24. Trade guesses for weekly export sales were running between 300-450,000 MT. USDA reported the actual figures at 567,600 MT. Saskatchewan reports significant acreage losses due to flooding, with expectations for a large number of insurance claims.

Jul 14 CBOT Wheat closed at $5.68, up 6 1/4 cents,
Jul 14 KCBT Wheat closed at $6.97, up 14 cents,
Jul 14 MGEX Wheat closed at $6.51 1/4, down 1/2 cent

Live Cattle closed $0.12 to $2.67 higher. Feeders were $1.27 to $1.47 higher. USDA put weekly export sales for beef at 5,700 MT, the worse weekly total of the year. Wholesale beef prices were higher, with choice boxes up $0.46 at $248.12, while select cuts were up $1.00 at $241.12 in the pm report. The choice/select spread is at $7.40. Packers bought some cattle in Nebraska at $158 yesterday, with KS business at $157. Week to date FI slaughter hit 464,000 head and up from 374,000 a year ago. The lead is bogus, however, due to the timing of the July 4 holiday. The CME Feeder Cattle Index was down $.77 at $216.43. Poultry expansion continues to be limited, with weekly egg sets up 1% from the same week a year ago, and broiler placements actually lagging.

Aug 14 Cattle closed at $155.00, up $2.675,
Oct 14 Cattle closed at $156.90, up $1.225,
Dec 14 Cattle closed at $156.05, up $0.475,
Aug 14 Feeder Cattle closed at $217.62, up $1.42
Sep 14 Feeder Cattle closed at $218.825, up $1.275
Oct 14 Feeder Cattle closed at $218.85, up $1.475

Lean Hogs closed $0.12to $1.80 higher. USDA put weekly export sales for pork at a neutral 12,300 MT. The average pork carcass cutout value was $1.03 higher at $134.20 in the afternoon report. The CME Lean Hog Index was up another $0.66 at $128.17. Western Corn Belt cash hogs are being quoted $2.38 lower this morning by USDA, with the weighted average carcass price at $126.21. IA/MN values were $2.61 lower. ECB values were not reported. Week to date slaughter was 1.626 million head vs. 1.57 million last week. The full week total will be lower than both last week and year ago, however, with most plants dark on Friday and Saturday.

Jul 14 Hogs closed at $131.725, up $0.925,
Aug 14 Hogs closed at $131.600, up $1.250
Oct 14 Hogs closed at $116.75, up $1.65

Cotton futures closed 36 to 74 points lower. December closed at the lowest price for that contract since November 23. Trading volume was estimated at only 12,100 lots as many traders started the holiday weekend early. USDA pegged weekly export sales for Cotton at 101,300 RB, including 94,600 RB of Upland, and 6,700 RB of Pima. ICE Certified stocks were last reported at 462, 584 bales, with 2,522 new certs, 1,279 decerts and 17,790 bales awaiting review. The Cotlook A Index is down 1.00 at 87.40.

Oct 14 Cotton closed at 71.52, down 74 points
Dec 14 Cotton closed at 72.06, down 38 points