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Low cotton trading
Jan '08
One word can summarize what happened to cotton prices today....stocks! We remained on this equity meltdown which had most commodities on the defensive overnight as Europe still showed extensive weakness and the uncertainty in the U.S. economy was weighing on stocks for the seventh straight session.

However, there were rumors late in the day that the European Central Bank may be forced to follow the U.S. in lowering interest rates in order to avoid a global recession. We managed to test the lows set on the open yesterday and held those as there was enough rebound in the beat up financial sector to support the market short term.

The volume was above average as we locked down the limit and electronic trading was suspended until tomorrow's session begins after midnight. Future volume broke 50,000 and option activity was over 25,000 contracts.

The lower prices today did trigger some export sales, but the report will be delayed until Friday and it will not reflect any of this new nearby business. We are not expecting a big bounce tomorrow as we may even find more weakness after some negative technical damage was done today as we further enforced the island reversal created from the last several sessions.

The all important wheat, corn and soybeans also closed down the limit as cotton actually traded 20 points lower synthetically. There will be a lot of attention paid to the foreign markets and their reaction to the turn around in the U.S. whichwill have a big impact on the commodity prices nearby .

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