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Cotton Futures Slip But Corn Extends Post-Crop Report Surge

Cotton prices continued to fall on Monday, weighed down by Friday's USDA crop report. On the other hand, corn prices were up sharply for a second session.

July cotton was down 0.71 cents to 93.21 cents per lb on the Chicago Board of trade, as traders weighed Friday's news that U.S. farmers were planning to plant a bit more than markets were expecting.

May corn was up 11 cents to $6.55 a bushel on the Chicago Board of Trade, extending Friday's big gains despite figures showing that farmers intend to plant the most corn since 1937.

The May wheat contract eased 3.3 cents to $6.57 a bushel, trimming huge gains from Friday's session. The USDA projects total wheat planted area will be up only 3 percent compared to last year.

Soybean stockpiles were a bit smaller than forecast, according the USDA. Soybeans for May delivery surged another 18 cents to $14.21 a bushel today.

by RTT Staff Writer

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