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Cotton futures start out marginally lower

Apr '07
Cotton futures started out marginally lower on the electronic exchange, trading some 25 points lower in early dealings. There wasn't really a persistence of offers, but rather a lack of bids overall early on, however there was notable commercial support around the 53.00 cents area.

The open outcry started up at 10.30 and it was little different, though prices were generally only a touch lower throughout the first half hour. The market soon settled into a rather tight, though almost wholly lower trading session, with traders more interested in spreading than anything else.

The May/July to this end managed to move out to around 150 where it traded generously throughout the session. Through the middle of the session though, the back of the board, notably the Oct and Dec contracts began losing a lot of ground, especially from their inflated closes.

In the end prices settled near the lows across the board, with May losing 19 and the December as much as 61 points. Estimated volume was mostly comprised of spreads, but was nonetheless decent at 27,711 lots.

Today's weakness was likely derived from the grain complex, which again took it on the chin. Soybeans (-15c) Wheat (-9c) and Corn (-8c) all continue to slide after a bearish USDA planting intentions report. The extreme volatility is something only dreamt about in cotton markets, but still the losses are starting to engage some pressure on the new crop contracts in Cotton.

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