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Cotton prices struggle to rebound, still close in the red
Mar '09
A mixed day in the markets as the equities opened lower then traded higher but eventually fell again on the close. The USD bounced back and most commodities were in the red most of the day.

Cotton also struggled most of the day and closed on the lows. We are seeing good scale up selling from commercials at 45 cents and higher. Volume is still average, but open interest keeps rising.

We will need the equity markets to hold this uptrend if we want to see cotton move higher. The AWP is moving up so that will increase the level of resistance starting next week, but grains are reaching some over bought levels and the dollar is fighting back under 85 so the equity markets will be very important in keeping this trend going.

Technically, we still look positive even though fundamentally we are starting to look bearish. Expect a few more runs to the upside before this rally is over.

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