Home / Knowledge / News / Textiles / Another impressive performance for May contract

Another impressive performance for May contract

Mar '07
Futures started out on a firm note in the E-session, following on from yesterday's late session strength. There were definitely some early bids under the market from commercial traders. The US Export report was friendlier than expected, which somewhat justified the late run up yesterday.

The open outcry session initially ran prices up to around the 54.20 area in May, though there was enough resistance at this level to shimmy prices down to unchanged by mid session and then lower before finding bids at the 53.75 level. This encouraged more spec buying and going into the close there was a lot of spec buying across the board, wanting to take length into the acreage report tomorrow.

Spreads traded narrow all day, whilst option trading again featured large out of the money call buying from one of the largest merchants covering exposures. Prices closed the session on the highs, with active month gains of between 26-40 points. Estimated volume was a healthy 17,635 lots.

In a survey conducted by Dow Jones Newswires yesterday, there was a consensus of 12.3 million acres for the USDA planted acreage estimate which is due out on Friday morning. From 10 surveyed companies, mostly brokerage desks, a high of 12.8 and a low of 11.8 were established.

For the record we are expecting a figure closer to 12.4-12.5 from the USDA. The most interest appears to be directed towards the grain numbers, particularly the Corn acreage which could see in excess of a 10 million acre increase.

Must ReadView All

Pic: ADB

Textiles | On 28th Sep 2021

ADB approves $250-mn loan to support Bangladesh’s economic recovery

The Asian Development Bank has approved a $250-million policy-based...

Pic: The Microfibre Consortium

Textiles | On 28th Sep 2021

New pledge for zero impact from textile fibre fragmentation by 2030

The Microfibre Consortium executive director Sophie Mather has...

Pic: Shutterstock

Textiles | On 28th Sep 2021

US firms foresee growth potential in China, expanding there: Survey

Despite US-China tensions and increasing competition from local...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Textile Industry, Head honchos

Textile Industry
Head honchos

Led by MMF, Indian apparel exports likely to double in next 3 years

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Sanjay Jhunjhunwalla,

Sanjay Jhunjhunwalla

In the financial hub of eastern India, Kolkata, a humble production...

Susanna Koelblin,

Susanna Koelblin

Founded in 1920, Eastman is a global specialty materials company that...

Erwin Devloo,

Erwin Devloo

The Picanol Group is a diversified industrial group active worldwide in...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Asif Rahman, MIP

Asif Rahman

MIP is a manufacturer and distributor of high-performance textiles and...

Thomas Ong P S, NanoTextile

Thomas Ong P S

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Abhishek Agarwal, Purple Style Labs

Abhishek Agarwal
Purple Style Labs

Late Indian fashion designer Wendell Rodricks, is known for his...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search