Cotton Prices Lower Off Crop Report

Cotton Prices Lower Off Crop Report
Cotton Prices Lower Off Crop Report

Cotton Futures—Cotton futures in the July contract finished lower by 53 points at 78.47 reacting negatively off of the WASDE crop report released this afternoon as the fundamental picture in the short term still looks bearish.

Weak demand coupled with a slightly higher carryover level sent prices lower today, but in my opinion I think prices held up relatively well as I’ve been recommending a bullish position from the 76.70 level and if you took that trade continue to place the stop loss at the 2 week low standing at 76.53 and I still think the trend remains to the upside.

Cotton prices are trading above their 20 and 100 day moving average actually hitting a 4 month high before the report was released so continue to play this to the upside in my opinion as the rest of the agricultural markets were relatively neutral in today’s trading session.

Planting progress is in full swing in the southern part of the United States as there are certain pockets receiving excessive wetness causing slight delays in planting, but it is a long growing season & if any type of drought develops coupled with lower acres prices could really move sharply higher in my opinion.

One of the biggest bullish fundamental factors towards cotton is the possibility of an excellent trade agreement with China as they are the number one importer of U.S cotton in the world as that could send prices sharply higher in my opinion as I will not go short & if you are long a futures contract stay long.

TREND: —HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY—LOW

 

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