Cotton Prices Slightly Higher For Week
Cotton Futures--- Cotton futures this week had many volatile trading sessions finishing unchanged this Friday afternoon going into the weekend with cotton prices for the December contract which is considered the new crop which we harvest this fall settling right at 70.60 up around 70 points for the week, however traded as high as 73.08 yesterday before selling off on profit taking. Cotton prices are becoming very volatile with a low of around $.64 last week before skyrocketing higher as many commodities did on optimism about the European and Chinese situations ,however profit-taking sent prices right back down as we head into the heat of the summer months. Here in Illinois and Indiana we are suffering one of the worst dry spells in over 130 years, however we don't grow much cotton more corn and soybeans but my point is the summer as a long drawn out season with many problems which can occur and I still believe cotton prices are relatively cheap. Remember though when you buy or sell futures contracts shows must use a stop loss trying to minimize your risk by using a proper money management technique which I use is generally risking between 1 or 2% of your account balance on any given trade therefore if you are wrong you still have another day to play because you're not risking an exorbitant amount of money.
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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