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Cotton planting acreage to drop short of projections
25 Feb '08
2 min read
December cotton followed right along as the battle for acres reached a heated pitch. According to info released at the USDA Outlook Conference, ending stocks for cotton in 2008/09 could drop as much as 4.5 million bales to 3.7 million bales - That is the kind of fundamental statistic that bulls build the 80-90 cent bull case on. Also at the conference, Dunavant suggested that plantings could drop as low as 8.8 million acres from the 9.5 currently projected and until Dec exceeds 85 cents, it will continue to lose the acreage battle.
For the week, March cotton gained a whopping 680 points, May 541 and December 526 points. Technically, all months reached or exceeded their swing objectives generated by last weeks breakout. The gaps left Thursday and Friday have left the market a bit exhausted. However, May should find pullbacks between 7350 and 7150 (7250 midpoint) and Dec between 7950 and 7750 (7850 midpoint).
For the week, March cotton gained a whopping 680 points, May 541 and December 526 points. Technically, all months reached or exceeded their swing objectives generated by last weeks breakout. The gaps left Thursday and Friday have left the market a bit exhausted. However, May should find pullbacks between 7350 and 7150 (7250 midpoint) and Dec between 7950 and 7750 (7850 midpoint).
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