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ECOM daily cotton markets recap - Feb 22, 2007

Feb '07
With only a handful of notices this morning there was nothing news wise to stimulate the market, although it must be said that with a strong taker looking to be in position on the March, there is something of a friendly bias to the market. Electronic trading was much lower, as much as 50 lower early on in the March, whilst the May was only down around 10 points.

The open outcry opening saw March actually open only 15 lower, with My down around 10 points, with both trading unchanged n the early dealings. Today Cotton had a tough time ignoring the skyrocketing grain prices heat all hitting fresh contract highs in the new crop deliveries especially.

With this in mind the December led all comers this morning, bouncing quickly off the 57.50 area to push into 58.00 cents. The demand for new crop acres away from cotton is starting to have an effect on Dec, finally some would say, however there is a lot of resistance ahead, especially in the environment of a 8-9 million minimum carry in next year.

Futures closed with strength today, with the March finishing the open outcry at 54.95, it's highest close since Jan 14th. Estimated volume for the day was decent at 18,226 lots. There were fireworks in this evening's posted notices with a total, with Term (Allenberg) the 100% stopper of 1000 lots and JP Morgan the majority issuer of 906 lots, with UBS giving another 73 lots.

With this morning's open interest still a massive 6204 lots, there will likely be a power of deliveries still to come later in the delivery period. Anticipating a better than expected export report tomorrow, especially with the higher deliveries so far. A sales figure over 300,000 is expected along with 200,000 shipments.

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