Cotton Prices Hit New Contract Lows Again; How Low Are Prices Going?

08 May in Blog, coffee futures, commodity broker, commodity trading, cotton futures, futures broker, futures trading, lumber futures, Michael Seery, milk futures, option broker, orange juice futures, Seery Futures LLC, soft commodities, sugar futures

 Cotton Futures--  Cotton futures for the December contract today finishing lower for the 3rd consecutive trading day hitting a fresh 6-month low closing right near the lows of the trading day at 84.33 a bale continuing its grinding bear market. Most of the commodities were sharply lower today due to the perception that there will be a slowdown in Europe causing stocks and commodities to finish lower while cotton futures continue to move lower due to perception that there is a lack of demand and no weather premiums put into the price at this point in time. I think cotton prices are going to grind lower with the next major support around 82.50 if it breaks that I think it could crack the 80 level and move down into the mid 75’s in the next month or so due to outright pessimism among the commodity sectors. Many of the softs commodities hit contract lows including sugar, cotton, and orange juice while many of the energies and metals are also breaking down in price which is leaves me concerned about how bad the European problem could get and it could get a lot worse down the road.   If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.

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