Cotton & Rest Of The Softs Lower Today: Sugar Higher

04 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 today were generally lower across the board except for sugar which finished higher by 17 points in the May contract to finish at 24.42 a pound , however cotton futures were pummelled today finishing down 332 points closing right near the lows of the session at 89.328 a bale. The coffee futures rose slightly lower finishing down only by 60 points to close at 184.75 in the May contract, however the real story was earlier in the trading session coffee traded as low as 178.70 pound before rebounding sharply to make a 4 week high which in my opinion is a key reversal to the upside. In my opinion I believe coffee prices have bottomed and I love today's action to the upside and I believe you can play the coffee market on the long side with limited risk remembering my 2% rule of risk management in case the trade goes against you. Cocoa futures plummeted again down another 60 points continued its bearish trend to close in the May contract at 20.83 right near contract lows while lumber futures had an extremely quiet day in Chicago finishing up only 90 points in the May contract close right around 259.70 per board feet.

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