Solid buying was seen in both old-crop and new-crop cotton, just not enough to break out of ongoing sideways trends.

July cotton closed 0.60 higher at 61.67 while new-crop December rallied 0.47 to 61.33. July corn was 4 1/2 cents higher, July soybeans finished 2 3/4 cents higher, and July Chicago wheat closed 1 cent lower. The U.S. dollar index rallied 0.051 to 95.338. June gold lost $2.40 to $1,252.40 while July silver was $0.037 higher and July copper dropped $0.0090. The Dow Jones Industrial Average was 46 points higher at 17,481. June crude oil fell $0.41 to $47.75.

The cotton market remains in sideways trends on both its long-term monthly and intermediate-term weekly charts. However, renewed commercial buying has been seen of late, indicated by the weakening carry in the new-crop December-to-March futures spread.

Much of this support, including FridayΆs, is likely due to continued concerns over wet conditions in the U.S. Southeast and Delta growing regions with more rain forecast for the weekend. Technically, both old-crop July and new-crop December continue to hold above price support on weekly charts at 61.28 and 60.53 respectively.