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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Cotton futures notch gains of 2-plus percent

Apr 18, 2012 02:59 PM

Wednesday saw cotton futures gain in value for a second consecutive trading session, and some traders said the soft fiber might be building momentum, Reuters reports.

After having scraped their lowest price in one month on Monday, cotton futures gained more than 2 percent of their value on Wednesday. Despite the gains, cotton futures are significantly lower than their record price, which is $2.197 per pound as established on March 7 of 2011.

"It's not a fundamental (advance)," independent cotton analyst Mike Stevens in Louisiana told Reuters. "Once the buying ran prices to limit, hedgers took advantage of the rally particularly in the December contract."

At 2:33 p.m. on Wednesday, cotton futures gained 2.01 percent, a 1.77 cent lift to 90.02 cents per pound.

Bloomberg reports planting of cotton in the U.S. is ahead of the five-year average, which the U.S. Department of Agriculture attributed to a warm March and a wet April. Both of those factors enhanced the soil for growing season.

Particular regions of the Southeast U.S. that grow the soft fiber had increased rain overnight from Tuesday to Wednesday, which is beneficial to cotton, according to The Cattle Network.

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