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ECOM daily cotton market recap - Feb 1, 2007

Feb '07
Following a firmer market yesterday, there appeared to be little early follow through with the opening called for 20 lower. Some last minute fund buying in the March saw an eventual unchanged opening at 54.00. Prices found some strength in particularly from the commercial merchants bull spreading on the March / May.

This spread managed to quickly come in from 105 to as narrow as 70, before bouncing back out to the 95 level by the close. Prices backed away though with little other fundamental demand and as something of a backwash of yesterday's response to the US Ag secretary's farm bill proposal.

Through the rest of the session it was a slow grind lower as prices begrudgingly eroded yesterday's gains but there was little other impetus. In the end prices finished with active month losses of 43 to 58 points amidst an estimated 23,475 lots volume.

This morning's US export report was very vanilla with a combined total of 195,700 bales selling mostly to China (50,900) and Turkey (32,900). For the week the US shipped a combined total of 150,100 bales. Many are beginning to openly object to the USDA's export target of 15.7 million bales, expecting something closer to 14.0 at the current rate as a maximum.

Tomorrow morning will be historic as it marks the first day of electronic trading for the NYBOT's products including Cotton. The electronic will start at 7am EST in New York through to 3.15EST.

It certainly will be interesting to see if there is any effect on the market with these extended trading hours. That said, the NYBOT open outcry will keep the same hours as currently, as well as being the only outlet for trading options, which thus far are not available on the electronic platform.

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