Interviews
Cotton farmers heave sigh of relief on timely arrival of rain
26 May '09
4 min read
While this report has been relegated to virtually meaningless in recent years, it is still an important ingredient of the monthly supply/demand reports. Surveys of what few domestic mills are still in the southeast would indicate that consumption during April had dropped again and show the possibility of an annualized rate below 3 million bales vs. a rate above 4 ½ million bale rate a year ago.
Interestingly, despite the appearance of indecision, the market at least seemed to have a greater propensity to edge back towards the weekly highs. Each day's lows were higher than the last providing an upward slope. However, resistance between 5800 and 5870 should continue to stymie any rallies. Likewise, support between 5550 and 5400 "should" be sufficient to catch any sell off but it is not inconceivable that there just might be enough sell stops below 5500 to send July closer to 5275.
Interestingly, despite the appearance of indecision, the market at least seemed to have a greater propensity to edge back towards the weekly highs. Each day's lows were higher than the last providing an upward slope. However, resistance between 5800 and 5870 should continue to stymie any rallies. Likewise, support between 5550 and 5400 "should" be sufficient to catch any sell off but it is not inconceivable that there just might be enough sell stops below 5500 to send July closer to 5275.
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