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Cotton market perks up after 4th July holiday

06
Jul '07
A very quiet trading session today when NYF resumes after the 4th of July holiday yesterday. USDA export sales report is delayed due to the holiday. Volume is a merely 4,018 contracts traded on the floor and 4,179 contracts traded electronically.

Dec07 traded within the tight range of 50 points during the session. Prices in the early morning were supported by the higher CBOT grains market and driven higher by fund electronic buying to test the 64 cents level. Pressured by trade selling and lack of momentum, December is traded between 6380 to 6390 from mid session and closed at high.

Moderate to exceptional drought condition still continues centered on the Tennessee River Valley states, with an outer tier of states (Louisiana, Arkansas, Missouri, the Carolinas, and Virginia) that are abnormally dry.

At the same time, the 7 day cumulative rainfall totals through July 1 highlight significant accumulations in North Central Texas, Oklahoma, Kansas, Missouri, and across Tennessee to South Carolina.

Scattered to widely scattered showers have been seen in the Mississippi Delta area, thus leading to improved conditions for the developing crop. More rain is still needed across the Southeast states to alleviate the drought conditions.

More rainfalls are expected in Texas for the rest of the week. Even though most of the excessive rain and flooding have missed key cotton production areas, the wet and cool conditions have not been supportivefor the cotton development for this area.


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