Mar 14 lost 20 points today to settle at 85.83. Today’s settlement was within the lower one quarter of today’s very tight 85 point trading range (85.70 – 86.55).
The technical bias for the front month remains somewhat bullish. Mar 14 further managed to again settle above most SMA benchmarks and other key resistance points.
For Mon, our directional call for Mar 14 is for…
Mar 14 gained 48 points today to settle at 86.03 on the heels of an unexpectedly very strong US export report. Today’s settlement was within the upper one half of today’s 156 point trading range (85.25 – 86.81).
Fundamentally, demand for both nearby and deferred shipments of US cotton remains stronger than most suspected.
For tomorrow, our directional call for Mar 14 is for…
We, and most others, were incorrect in our supposition that net sales of US cotton for export for the current MY would be off significantly this week. Total net sales totaled 487.6K RBs and shipments were a MY high of 325.6K RBs for all cotton.
Although we originally expected that such numbers, if they were produced on today’s report, would lead to a D/D settlemnt gain, and that will probably occur, considering yesterday’s settlement of 85.55. However, with funds rolling out of the front month, price spikes may be seen as selling opportunities.
Mar 14 gained 120 points today to settle at 85.55. Today’s settlement was within the upper one half of today’s 261 point trading range (84.00 – 86.61).
The technical bias for the front month has shifted to neutral. Mar 14 further managed to settle above its 20-day SMA, as well as several other key resistance points, which is technically positive…
For tomorrow, our directional call for Mar 14…
ICE certificated cotton stocks increased approximately 60K bales to nearly 137K; this is likely not going to be supportive of the front month today.
The majority of the certificated stocks are being carried in Memphis, TN warehouses.
