Interviews
Open positions in cotton futures continue to rise to new all-time highs almost daily
24 Mar '07
3 min read
May cotton goes into delivery in just about a month. Cotton under loan dropped another 240,100 last week leaving 11,031.3 bales. Technically, the market failed the last three days of the week at the 9 through 40 day moving averages. Which indicates, there will also be buy stops above 5370 next weeks as well as "stop close only stops" in the same area.
However, the market stalemate will probably stretch well into next week since the USDA Preliminary planting intentions report is due out next Friday morning. This report has the ability of being one of the most important in months or for months to come. Most private estimates are for intentions to be between 12.25 and 12.85 million acres but to get Dec above 60 cents will probably take a plantings number less than 12 million acres. Have a good weekend.
However, the market stalemate will probably stretch well into next week since the USDA Preliminary planting intentions report is due out next Friday morning. This report has the ability of being one of the most important in months or for months to come. Most private estimates are for intentions to be between 12.25 and 12.85 million acres but to get Dec above 60 cents will probably take a plantings number less than 12 million acres. Have a good weekend.
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