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ECOM daily cotton market report - March 20, 2008
21
Mar '08
Thursday ended the week with a volatile and roller coaster trading session. Trading was active with 68,000 contracts in futures and 40,000 contracts in options. Follow through selling from yesterday was seen in the early morning when all months touched limit down driven by overnight weak commodities market.

As grains started trading off the limits and buying interest entered the market at the lows, cotton pulled back gradually until major fireworks sparkled at mid day session. All cover months rallied to near limit up and formed today's 6 cent trading range.

The across the board commodities sell off eventually posed impact on cotton which turned direction to trade lower. Put selling activities in the options slowed the downturn movement and session settled with mixed results. May contracts was last traded at 27 points lower, while July contract was last traded at 27 points higher.

This morning's USDA export report was better than last week as overseas mills started to purchase inventory when NY retraced to their acceptable price level. New sales were well improved from the week before with 212,200 running bales upland and pima combined.

The major buyers were China with 56,700 bales, Indonesia with 31,800 bales and Turkey with 32,000 bales. Shipments were 257,300 bales combined with 27,800 bales leaving for Turkey and 25,200 bales leaving for Mexico. NY futures will be closed tomorrow for the Easter's. We wish everyone a happy holiday.

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