Mar 14 picked up 10 points today to settle at 85.35. Today’s settlement was within the lower one half of today’s 97 point trading range (84.02 – 84.99).
The technical bias for the front month has turned bearish. Mar 14 failed to settle above its 20-day SMA, which is technically considered a setback; however, Mar 14 was supported staunchly above the 84.00 level today.
For tomorrow, our directional call for Mar 14 is for…
Mar 14 gapped 21 points lower on the opening bell Sun evening and only recovered 16 points of the gap today to finally settle at 84.25 for a 296 point loss on the day.
Today’s steep losses have left the overall technical analysis picture neutral.
For tomorrow, our directional call for Mar 14 is for…
Demand for US cotton has been near rampant since early Oct. It seems the aggregated export reports (post the USDA’s furlough last autumn) were merely a harbinger of things to come.
We believed the market would need to remain static or push higher in order to accomplish any rationing, but the USDA will provide the measuring stick via the weekly US export report next Thursday.
For the coming week we expect…
Mar 14 gave up 12 points today despite new net sales in excess of 500K RBs and shipments near 250K RBS on the USDA-FAS weekly export report to settle at 87.21.
The technical analysis of the front month, outside of the Bollinger Band analysis, remains overwhelmingly bullish.
For Mon, our directional call for Mar 14 is for…
Net export sales of all cotton for the curent MY were approximately 505K RBs, over twice the level of reported pre-report expectations and over 100K greater than the upper range of our estimate of 400K RBs.
Shipments for the current MY were reported at nearly 250K RBs.
This should be vey supportive of prices.
