Cotton comment
COTTON prices turned lower on Tuesday with December falling 75 points to settle at 72.19 or down 1%.
Credit for today's weakness was placed on macroeconomic forces as global equity markets and commodities in general were weaker as European concerns and slow growth forecasts for China weighed on markets.
The CRB Index fell nearly 2% as crude dropped 3.7%, soybeans down 3.5% and corn down 1.3%.
Open interest following Friday's session was up 475 contracts but came with Dec down 565 while March was up 1,039.
Over the weekend, scattered showers were recorded across parts of the Delta and Southeastern US as the frequent pattern of rainfall is helping to offset the heat.
Today's report showed 5% very poor up unchanged from last week, 13% poor also unchanged from last week, 35% fair down 2% from last week, 37% good unchanged from last week and 10% excellent up 2% from last week. States showing improvement were Arizona, Arkansas, Louisiana, Mississippi and Tennessee.
