Cotton Higher 6th Day In A Row

05 Sep in Blog, coffee futures, commodity trading, cotton futures, futures trading, Mike Seery, orange juice futures, seeryfutures, sugar futures

Cotton Futures--- Cotton futures in the December contract is trading higher for the 6th consecutive session hitting a 3 month high all due to the fact of Hurricane Harvey possibly destroying up to 600,000 acres pushing prices sharply higher over the last several weeks as it certainly looks to me that the 66 level has formed a long-term bottom.

The commodity markets in general have started to rally as the agricultural sector had been extremely weak over the last several weeks, but now has finally turned the corner as the U.S dollar has hit a fresh 2 year low in today's trade as I'm not currently involved in cotton as the 10 day low stands at 67.35 as the risk is around $2,700 per contract plus slippage & commission which is too high at this point, however keep an eye on this market for some type of price retracement as we will be looking at a bullish position in the days ahead.

Cotton is trading above their 20 & 100 day moving average as the trend has turned higher as traders are awaiting the highly anticipated USDA crop report which will be released in the next week as the last report sent prices down 300 points as volatility will remain in this market for months because of the situation in the southern part of the United States.TREND: HIGHER---CHART STRUCTURE: POOR

 

 

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