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Cotton future rallies, but looses steam
Mar '09
After a nice bounce in the U.S. equity markets, we did see some follow through higher in the commodities. Cotton managed an early rally almost 200 pts above unchanged, but was unable to hold up and only closed slightly higher.

Export sales tomorrow are expected to be good again, but probably below the 4 week average. Volume remains light in daily trading as open interest remains at 3 year lows under 120k.

Mills are starting to cover forward into June/July so there does not seem to be a shortage of cotton nearby. A index is gradually rising, but we are going to be close to a 33 cent AWP for next week which should put a lot of resistance in the K'09 near 45 cents.

For now there seems to remain good sell stops under the market and resistance in the Z'09 near 50 cents. The RSI is in the 20's which is certainly oversold but the MACD has not crossed into positive territory yet so we could still see some testing of the down side.

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