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TheStreet Open House

Coffee Catches Bull Wave: Market Bits

July cotton futures bounced 1.1% to $1.88 a pound after settling in the red the day before. Later, it fell 0.7% to $1.842.

"Cotton is bouncing with the rest of the commodity sector," said FCStone Senior Risk Management Consultant Andy Ryan said earlier.

However, "the physical cotton world is still quiet according to many commercial traders."

Chinese cotton imports fell 15% year-over-year to 276,400 tons in March, said Reuters, citing a China National Cotton Reserves Corp. industry Web site. However, March imports rose 50%, or 92,200 tons from February, according to the report.

Various apparel companies were trading in positive territory.

Coach (COH) was popping 3% to $53.66 and Hanesbrands (HBI) was up 0.2% to $27.49.


(Published at 11:03 am)

Soybean futures were breaking a two-day losing streak as the weak dollar attracted buyers and the oil seed followed oil higher.

May soybeans were rising 0.8% to $13.39 ¾ a bushel, rebounding with oil. May light sweet crude oil was rising 0.5% to $106.81 a barrel.

The advance in soybeans occurred despite reports of abundant Brazil soy crops, demand pressure and a Goldman Sachs report recommending the closure of its "CCCP" basket trade consisting of copper, platinum, crude oil, cotton and soybeans.

Chinese commodity trade data shows that soybean imports fell 13% in March year-over-year to 3.5 million tons, but rose 51% month-over-month from the February low. China is now cancelling U.S. soybean cargoes as Chinese crushing mills suffer from diminished margins, according to reports.

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