Crop Report Neutral, Prices React Sluggishly
The NY Cotton market, which seems to have been moving more in response to outside markets rather than news of it own accord, received the USDA crop report in similar fashion. First everyone looked at the cotton numbers (no surprise, unless that exports remained higher than many think) and when finished they began sifting through the bean and grain numbers in an effort to validate further the potential for crop plantings to shift acreage from cotton.
For cotton the result was weaker prices. Not anything super bearish, although there was some early selling and bearish option activity that put a lid on things, but weakness rued the session. Sure, there were occasional efforts to add longs in options, like the purchase of 750 July 75 calls. Another was the sale of 500 March 60 calls and the simultaneous purchase of 1,000 March 66 calls. Both seemed strategies used by funds seeking to add to there already bullish stance.
As for me, I think the market is vulnerable but going now where fast. I have a short bias until the US can show the ability to export cotton in numbers.
Support: 6377-6391, 6315-6297-6282, 6250-6230, 6084-6071
Resistance: 6470, 6490-6510, 6580-6620
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
DISCLAIMER
La operación de futuros y opciones involucra riesgos de pérdida sustanciales, por lo que no es conveniente para todos los inversionistas. La información y opiniones contenidas en esta publicación, no constituyen, ni deben ser interpretadas para constituir una oferta de venta o la solicitud de compra de algún producto. La información objetiva incluida en este reporte ha sido obtenida de fuentes consideradas como confiables, aunque no esta garantizada en cuanto a su exactitud, ni tampoco en lo que respecta a su completo significado. No se asume responsabilidad con relación a ninguna declaración, así como en lo concerniente a cualquier opinión expresada aquí incluida. La confiabilidad relativa a la información en este reporte es solamente bajo riesgo del lector. Todos los comentarios están basados en opiniones.
