Overnight rainfall measured an inch and more at some northern sites on the Texas High Plains. Chances for more eyed. Cash online grower sales dwindled to 24 bales on The Seam.
Cotton futures gave up overnight gains and traded in the red in early dealings Wednesday, spooked partly perhaps by showers and thunderstorms that popped up in the West Texas Plains Tuesday evening and night.
Spot July ticked down 128 points to 93.93 cents, trading within a 189-point range from 95.66 to 93.77 cents on a contract volume of 4,615 lots. December fell 81 points to 92.09 cents, trading within a 177-point range from 93.69 to 91.92 cents on a turnover of 7,649 lots.
Overnight rainfall measured an inch and more at some northern locations on the Texas High Plains, but big dryland areas south of Lubbock got none. Wolfforth, a Lubbock suburb, did get 0.20 of an inch, however. Dimmitt, in Castro County northwest of Lubbock, received 1.07 inches. Childress in the northern Rolling Plains got 2.05 inches.
Hail and strong winds accompanied some of the northern area storms. A slight chance for showers and thunderstorms is in the forecast for the Lubbock area for Sunday, with chances lingering into early next week.
In ICE cotton futures Tuesday, July regained what it had lost the prior day plus a little and December settled on a triple-digit gain at a new contract high close on the heels of USDA’s monthly supply-demand estimates.
The inverted July-December straddle traded between 214 and 380 points and narrowed 76 points to settle at a 231-point July premium on a volume of 12,835 lots. December-March traded between an inverted nine and widened a point to close at an 11-point December premium on 3,665 lots.