Weather Is The Main Factor Towards Cotton Prices

Weather Is The Main Factor Towards Cotton Prices
Weather Is The Main Factor Towards Cotton Prices

Cotton Futures—Cotton futures in the July contract are currently trading at 77.37 after settling last Friday in New York at 78.27 down about 90 points for the trading week as prices are right near a 3 week low.

Harvest is in full swing in the southern part of the United States as ideal weather conditions are at hand as prices are now trading below their 20 day but still above their 100 day moving average as the trend is mixed as I am currently sitting on the sidelines waiting for something to develop.

Volatility in cotton has come to a crawl over the last several weeks, however that situation will change dramatically as we enter the summer months as that historically speaking is the most volatile time for cotton due to the fact that we can experience adverse weather conditions.

For the bullish momentum to continue prices would have to crack the April 9th high of 79.57 and for the bearish momentum to accelerate prices would have to break the April 15th low of 76.30 as a breakout is looming due to the tight chart structure.

TREND: MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

 

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