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ECOM daily cotton market recap - Feb 2, 2007

Feb '07
The trading began early this morning, with the ICE / NYBOT trading platform kicking off at 7am EST on the screens. It was a fairly inconspicuous beginning though, with just the single March trade taking place early on in the first hour. Nonetheless traders took the chance to test out the system live, and soon the open outcry joined in at 10.30 EST to have live side by side trading.

There was little action in the open outcry session either, with prices firming early and showing a tendency to firm as bull spreading was prominent in the open outcry session. The March / May spread quickly traded as narrow as 75 whilst the overall flat prices stayed in a fairly tight range. There was decent support out of competitive commodities today as well, especially Soybeans, which were up 15 cents per bushel on the spot close.

This gave some added support to new crop Dec as Cotton continues to lose theoretical acres for new crop. Speaking of which, the NCC this afternoon announced it's preliminary planting intentions survey, with US Cotton acres estimated down 13.5% from the USDA planted acres of 15.27 million acres at 13.21 million.

This number at the lower end of expectations, but given their preliminary nature may yet be larger than final plantings yet. Prices closed the E-session with gains of 33 in March and 47 in December. Overall volume was estimated at 17,386 lots, of which 1,230 were traded on the electronic screens.

The CCC saw another influx of loan entry this week, with 304,026 bales entering with 63,197 bales being redeemed for the week until Jan 30th. For the season some 17.3 million bales have now entered the loan, with 13.5 still remaining in the loan.

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