Cotton & Rest Of The Softs Lower Today

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

Soft Commodities-- The soft commodities were all lower across the board this afternoon with cotton for the May delivery down 48 points to close at 92.64 blamed on profit taking after the recent rally in the last two weeks while orange juice finished down .70 points in the May contract to close around 161.55 in a really narrow trading range. Coffee futures continue their sideways action finishing down 85 points to close at 185.35 for the May delivery while sugar futures dropped 33 points to close at 24.25 for the May contract nearing major support on the daily chart. Cocoa futures also sold off 44 points today at the lower end of the recent trading range to settle at 21.43 while lumber continues its down trend finishing down just 90 points today to close at 259.40 for the May contract in very light volume in Chicago today. In my opinion I still believe that cotton, coffee, and sugar prices will head higher in the near-term with some bullish seasonality and the overall trend in agricultural products are higher.

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