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Market remains demand friendly
Jun '08
Cotton futures rallied on the week as funds, following the rally in other commodities, generated another round of speculative buying. Fundamentals remained little changed as USDA released it June supply demand report with few, if any, unexpected changes.

If anything, the USDA report provided much of the same; bearish short term, but very bullish long term. While the market is at a bit of a crossroads, the ability to hold this week's gains early into next week could propel a five cent move to the upside. The market remains demand friendly, however, this week's rally did slow export sales at the end of the week.

Exports sales for the first week in June remained strong. Although down about 120,000 bales from the prior week, net sales for the week ending June 5, 2008 totaled 435,400 RB. Upland sales totaled 434,700 RB. Pima sales were only 700 RB. China (270,200 RB); Turkey and Vietnam were the primary buyers of Upland. India (1,000 RB); Japan and Thailand were the primary buyers of Pima.

Even as USDA revised its estimate of 2007-08 U.S. exports lower, the current week's pace, while improved over the past several months, continued to lag the level necessary to meet the new USDA estimate. There are eight more reporting weeks remaining in the 2007-08 marketing season. Weekly export shipments totaled only 317,900 RB. Upland shipments accounted for 308,500 RB.

Pima shipments were 9,400 RB. Primary destinations for Upland were China (102,300 RB); Turkey and Mexico. The primary destinations for Pima shipments were Indonesia (4,400 RB); Egypt and Pakistan. Upland sales for the 2008-09 marketing year were 88,100 RB as China, Indonesia and Pakistan were the primary buyers.

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