Archive for April, 2014

The front month gave up 23 points today, post the dissemination of a US cotton export report that relayed continued strong export shipments and better than expected net sales against the current MY, to settle at 92.34.

Dec 14 finished the short trading week on its weekly and seasonal high, but formidable offers are waiting at, and near, the 82.00 level. Continued strong export sales against the 2014/15 MY and very strong prices on the Nov 14 soybean futures contract continue to be supportive.

For Mon…

The front month gained 128 points today, ahead of tomorrow’s US cotton export report, to settle at 92.57. The front month gapped 21 points higher on the opening bell and never recovered any portion of the gap during today’s trading action.

Dec 14 gained back most of yesterday’s loss as it moved with the front month. Chances for rain in W TX over the coming weekend may slow Dec 14 buying while a second consecutive week of net sales against the 2014/15 MY of 100K RBs or more might be able to push Dec through the 82.00 level.

For tomorrow, our directional bias for the front month is…

The front month gave back 99 points today, covering all but 5 points of yesterday’s opening gap, to settle at 91.29. However, the front month traded 60 points higher in the post-settlement period.

Dec 14 gave back another 47 points today to settle at 80.90. Severe drought conditions in W TX and CA continue to be supportive, but the market seems to be interpreting wet conditions within the mid-southern and southeastern states as a catalyst for transferring planned corn acreage into additional cotton acreage.

For tomorrow, our directional bias for the front month is for…

The front month gapped 26 points higher on the opening bell last evening, never covering any portion of the gap, to gain 183 points on the day, settling at 92.28. The settlement was within the upper one half of today’s 220 point trading range (90.71 – 92.91).

Technically, market sentiment remains bearish, by most technical indicators. However, the front month settled today above its 5- through 200-day SMAs and a 26 point gap remains below the market …

For tomorrow, our directional bias for the front month is for…