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ECOM daily cotton markets recap - 22nd June, 2007

Jun '07
Market remained volatile today as we traded our last session trading old crop N'07 before FND. Open interest came down about 3,000 contracts yesterday to just above 5,000 lots going into the last day. The market spend most of the day in the middle of a 150 pts range.

Electronically we were trading about 50/60 lower prior to open outcry and then similar to yesterday the market fell sharply another 100 pts, but then fought its way back. The volume was much less than yesterday with an estimated combined volume of under 18,000 in futures and about 10,000 options.

The market was much more orderly today and we will see on Monday if there are big takers for the cert stock which continues to grow.

There is a weather system moving into the corn belt which is alleviating some of the concern and was very bearish for Chicago and all the grains. Corn, beans and wheat were all down double digits as we continue to see the volatile trading in commodities making the transition between crops.

Cotton crop progress across the Northern Helm is looking good and there are even estimates from some analysts that China may have even a bigger crop than currently estimated.

The 2007 China International Cotton Conference is being held next week in Urumqi, Xinjiang. Merchants and shippers from all over the world will be meeting to discuss global supply and demand as well as the issues related to the largest producer and consumer of cotton in the world.

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