Poor Exports, but what did you expect?
Changes to Cotton Options Floor Trading Hours – Effective April 1, 2008
https://www.theice.com/publicdocs/futures_us/exchange_notices/ExNot0306ctopthours.pdf
Cotton prices took some what of a rest today as volume returned to more normal levels and trading was focused on the screen, as opposed to “synthetics.” Options were still the focus of much of the activity, but all in all today showed signs that the market is preparing to stabilize. Hopefully it will.
USDA EXPORT SALES: Net Upland sales of 42,600 running bales–a marketing-year low–were down 56 percent from the previous week and 83 percent from the prior 4-week average. Net Upland sales of only 1,100 RB were made for delivery in 2008/09. Exports of 210,200 RB were down 22 percent from the previous week, but unchanged from the prior 4-week average.
That export report was feeble and that is just another example of the negative fundamental picture when viewed through the lens of and old school trader. There is a decided lack of demand and even the USDA’s reduction in export estimates still seems way too optimistic.
It is possible that cotton will gain acreage now that prices are where they are and the problems that are expected due to lack of adequate subsoil moisture for other crops.
The crazy ride seems to have tired traders out. Technically, an inside day was a sight for sore eyes. Watch to see confirmation of support (79.50-77.50?), although resistance should remain between 82.50 and 84.50 in May.
Si quiere más información, por favor contáctenos,
Maria Aranda
El equipo de Brokers de Futuros USA
Email: [email protected]
TEL: 312-261-7395
Fuente: MF Global
©2007 Jurgens Bauer & Associates all rights reserved.
Jurgens Bauer
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