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Cotton futures tests and sets new highs
03
Apr '09
After a small correction yesterday, the cotton market used the momentum in the equity markets to test the highs from yesterday and set new ones. The better than expected export sales report was a big reason for the continued bullish trend in cotton as well as grains.

Energy also bounced back today as gold, the dollar and treasuries suffered as fears diminish and money starts to move back into riskier investments. Volume was below the weekly average but still a respectable 16,000 futures and 6,000 options as open interest keeps moving higher.

Export sales of 400k was better than expected and adds to a very impressive off take from the U.S over the last 6 weeks of 2 mb's while NY futures have traded in the sub 45 price range.

Even more impressive was the 300k in shipments which was way above the 4 week average and if this number can maintain this level a few more weeks, we will have a good shot at hitting the USDA 12 mb export projection. Expect the same trend to stay in place as long as the equity markets can keep this rally going with commercial scale up selling above and good scale down buying from the specs.

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