#Cottonfutures has extended its losses today as demand wanes with an improving outlook for domestic #crops. The US is the world’s biggest #exporter of #cotton and the cotton #futures market is reacting accordingly with added signs of supply plentifulness. Bear Market Extended With Cotton Futures | June 26, 2014 | Cotton Futures The USDA reported today US cotton export sales in the week ending June 19th for the upcoming ending season next month fell 98% from the week earlier. Plus, adequate rains these past two months have helped ease drought conditions in the top cotton growing state of Texas. With these two scenarios, the USDA estimates domestic cotton output to rise 16% over the past year with increased plantings. “Things are shaping up for another huge US cotton crop, and China is sitting on a massive stockpile, so we could see prices continue to be under pressure,” said Devin Brady, President of Progressive Trading Group in Sherman Oaks, CA, regarding the current cotton futures situation. We had been short cotton futures with the overall trend, but I believe we may have been prematurely stopped out upon today’s opening bell. I will look for another entry into the short side of cotton futures for tomorrow’s market. Schad Commodity Futures & Options Trading Corporation
Posted on: Thu, 26 Jun 2014 18:04:56 +0000
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