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Yahoo
6 hours ago
- Business
- Yahoo
Did Cotton Prices Just Hit a Bottom After Falling to a 9-Week Low?
July ICE cotton futures (CTN25) were under modest selling pressure on Wednesday and slipped to a nine-week low below 65 cents a pound. The overall technical posture for the cotton futures market favors the bears as prices are in a seven-week downtrend on the daily bar chart. However, there are also some early, bullish clues that the cotton market has forged a price bottom. Since scoring a contract low of 62.05 cents a pound on April 4, July cotton futures have chopped in a sideways trading range. This is likely 'basing' action on the daily chart that has put in a price bottom. Coffee Prices Plummet on an Improved Supply Outlook Coffee Prices Sink on the Outlook for Ample Supplies Can Soybean Prices Keep Trending Higher? Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! With a price bottom likely in place, the cotton bulls now need some bullish fundamental news to start a price uptrend. Last week's monthly USDA supply and demand report had some price-friendly elements for the cotton market. The 2025/26 marketing year U.S. cotton balance sheet was revised to show lower production, beginning stocks, and ending stocks, with consumption, imports, and exports unchanged from last month. U.S. harvested area was lowered 2% to 8.19 million acres following extensive rainfall and delayed planting in the Delta. The national average yield for 2025/26 was reduced more than 1% from last month's report, to 820 pounds per harvested acre, also because of the conditions in the Delta. As a result, U.S. cotton production was forecast down 500,000 bales, to 14.0 million, and is below the 14.4 million bales produced in 2024/25 and the second-smallest crop in the past decade. Beginning U.S. stocks for the 2025/26 marketing year were reduced 400,000 bales following a corresponding increase in projected U.S. exports for 2024/25. As a result, 2025/26 ending stocks were lowered 900,000 bales to 4.3 million, for a stocks-to-use ratio of 30.3%. The projected season-average price for 2025/26 was unchanged in the USDA June report, at 62 cents per pound. For the 2025/26 marketing year, USDA forecast downwardly revised global cotton production, consumption, beginning and ending stocks, and world trade. World production was lowered over 800,000 bales as a 1-million-bale increase for China was more than offset by reductions for India, the United States, and Pakistan. Global consumption was reduced by over 300,000 bales for 2025/26. Beginning world cotton stocks for 2025/26 were lowered over 1.1 million bales, largely reflecting a 1-million-bale reduction in India's 2024/25 crop. As a result, global ending stocks for 2025/26 were lowered by nearly 1.6 million bales, primarily reflecting the reduction in beginning stocks and a decrease in production that exceeds the decrease in consumption. USDA's June supply and demand report also showed the agency forecast 2024/25 China cotton imports at the lowest level in eight years, at 5.5 million bales – roughly one-third of last year's volume. 'Several factors have pressured demand: the highest domestic production in nearly a decade, lower consumption, and less demand for government reserves.' China's 2024/25 cotton production is estimated nearly 4.7 million bales higher, at 32.0 million bales, on record yields in the Xinjiang autonomous region. Meanwhile, consumption is projected to fall nearly 2.0 million bales, to 37.0 million. At the start of the marketing year, the volume of foreign cotton in bonded warehouses was at the second-highest level for data going back to 2015. Therefore, plentiful supplies coupled with lower operating rates have driven down imports. Chinese companies are shifting production to their Vietnamese mills, spurring greater cotton consumption and imports in Vietnam. USDA's 2025/26 global outlook sees world cotton production forecast down 800,000 bales, to 117.0 million, as smaller crops in India, Pakistan, and the United States more than offset a larger crop in China. Global consumption is forecast down 300,000 bales, to 117.8 million, on lower supplies but remains the highest level in five years. USDA lowered global cotton ending stocks by 1.6 million bales, to 76.8 million, on lower production and beginning stocks in the United States. There's an old trading adage: 'Never short a dull market.' The past five weeks have seen choppy and sideways price action in July cotton futures. The price-bullish basing price action I mentioned above has arisen from the dull market conditions. Still, the cotton market needs a jolt of bullish fundamental news to generate a solid price uptrend. The U.S. stock indexes have been trending up and recently hit multi-month highs. That's bullish for cotton. The down-trending U.S. Dollar Index and up-trending crude oil prices are bullish 'outside-market' factors for the natural fiber. However, what the cotton market bulls really needs is a continued thawing in U.S.-China trade relations (China is a major cotton importer) and some drier and hotter weather in U.S. cotton regions — namely Texas. Both elements are entirely possible in the coming weeks. My bias is that the cotton futures market has put in a major price bottom, but prices will continue to chop sideways until some fresh, bullish fundamental news arises to start a new price uptrend. I think that news will come sooner rather than later. On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
8 hours ago
- Business
- CTV News
M.Y. Private Wealth - On dealing with market ups and downs
Watch Todd Yuzdepski with M.Y. Private Wealth has tips on braving big swings in the market #SPONSOREDCONTENT
Yahoo
10 hours ago
- Business
- Yahoo
ATOM Rebounds After Dip, Establishes New Support Level
Tensions in the Middle East continue to shape cryptocurrency markets as ATOM demonstrates remarkable resilience in recent trading. The Cosmos ecosystem token recovered from a significant dip to $3.939, establishing crucial support around the $4.000 psychological level despite broader market uncertainty. Technical analysis ATOM-USD demonstrated resilience over the 24-hour period, recovering from a significant dip to $3.939 at 17:00 on June 18 to establish a new support zone around $3.994-$4.000. The overall range of $0.121 (3.05%) reflects moderate volatility, with a notable bullish surge occurring at 20:00 when price jumped 2.16% on above-average volume, establishing resistance at $4.059. The $4.000 psychological level has emerged as a key support zone with multiple tests confirming buyer interest, while the 4-hour chart shows a developing ascending trendline suggesting cautious bullish momentum despite the late session pullback from $4.029 to $3.998. In the last hour, ATOM-USD experienced significant volatility, dropping sharply from 4.026 to a low of 3.996 at 13:47, breaking below the psychological $4.000 support level. A notable volume spike occurred at 13:33 with over 47,000 units traded during the sell-off. The price found a floor around 3.995 and gradually recovered, crossing back above $4.000 at 14:02, establishing a potential new support zone. This recovery pattern reinforces the resilience mentioned in the 24-hour analysis, with the price now stabilizing at 4.001, suggesting renewed buyer interest after testing lower levels. Sign in to access your portfolio
Yahoo
11 hours ago
- Business
- Yahoo
Polkadot's DOT Drops as Much as 5% After Failed Breakout Triggers Selling Wave
Polkadot DOT encountered substantial selling pressure, dropping as much as 5% before rebounding and potentially forming a double bottom pattern that points to continued upward movement, according to CoinDesk Research's technical analysis model. After initially attempting to establish an uptrend with a peak at $3.787, DOT encountered strong resistance and formed a bearish reversal pattern, according to the model. In recent trading, DOT was 2.6% lower over 24 hours, trading around $3.63 having found support at $3.59. The broader market gauge, the CoinDesk 20, was down 0.5% at publication time. The price action shows a potential double bottom pattern forming with improving momentum, suggesting further upside if it maintains support above the $3.62 price level, the model showed. Technical Analysis: DOT experienced a volatile 24-hour period with a substantial range of 0.193 (5.1%), initially attempting to establish an uptrend with a peak at $3.787 before encountering strong resistance. The price action formed a bearish reversal pattern as DOT failed to hold above the $3.75 level, followed by accelerated selling on high volume during the 10:00 and 13:00 hours when volume spiked to nearly 4 million units — well above the 24-hour average. Support emerged at $3.594, though the current price structure suggests further downside risk as DOT closed near session lows with weakening momentum indicators. In the last hour, DOT experienced significant volatility with a sharp decline from $3.643 to a low of $3.594, followed by a recovery attempt. The price found strong support at the $3.594 level, triggering a V-shaped recovery that pushed DOT up by 1.3% to $3.642. The recent price action forms a potential double bottom pattern with improving momentum, suggesting the possibility of continued upward movement if DOT can maintain support above the $3.62 level. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Business
- Yahoo
IonQ (NYSE:IONQ) Announces Quantum Breakthrough in Protein Folding and Computation
IonQ recently announced a significant achievement with Kipu Quantum, solving the most complex protein folding problem on a quantum computer. This breakthrough likely contributed to the company's impressive 87% share price gain last quarter. The successful partnership with AstraZeneca and others to accelerate drug development, and collaborations with Toyota Tsusho and KISTI, bolster its global presence. Additionally, positive earnings projections and leadership changes further supported market confidence. While the broader market saw a modest yearly gain, IonQ's advancements in quantum computing positioned it to significantly outperform industry trends during the quarter. We've identified 5 warning signs for IonQ (1 is significant) that you should be aware of. AI is about to change healthcare. These 22 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. Looking at the broader picture, investors in IonQ have seen extraordinary returns over a three-year period, with the company's total shareholder returns climbing by over 694%. This performance towers above the US Tech industry's past year return of -9% and the general US market, which returned 9.9% over the same period. Such a return underscores the market's current enthusiasm for IonQ's innovative breakthroughs in quantum computing, particularly its solutions like the recent protein folding achievements which hold great promise for drug discovery applications. The company's recent advancements and strategic partnerships suggest strong potential for future revenue growth, projected at 41% per year. However, IonQ remains unprofitable, with its Q1 earnings reflecting a net loss of US$32.25 million, and forecasts indicating ongoing losses in the upcoming years. Analyst consensus places a fair value target at US$43, slightly above the current share price, indicating a restrained outlook relative to recent market exuberance. Nevertheless, IonQ maintains a strong trajectory in revenue growth, supported by their global expansion and successful collaborations with industry giants like AstraZeneca, which could bolster its future market position. Upon reviewing our latest valuation report, IonQ's share price might be too optimistic. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:IONQ. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
