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Cotton takes lead from outside commodities market
09 Feb '08
2 min read
Not much has come out of today's USDA report and cotton continues its sideways pattern for the 12th continuous session. 68 cents on March contract has proven to be a good support level, so is 69 cents for resistance in the past sessions. Wednesday and Friday session both challenged above 69 cents, but closed underneath.
The NCC planting intentions survey number is down almost 12% from 2007 as producers are expected to switch from cotton to wheat and soybeans. However, some market players had expected a lower than 9 million number to help market break upwards.
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The NCC planting intentions survey number is down almost 12% from 2007 as producers are expected to switch from cotton to wheat and soybeans. However, some market players had expected a lower than 9 million number to help market break upwards.
Click here to view more:
ECOM USA Inc
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