Cotton Prices Hit 2 Year Lows

27 Jun in Blog, Cocoa futures, coffee futures trading, commodity consultation, commodity trading, cotton futures, lumber futures, Michael Seery, milk futures, orange juice futures, Seery Futures.com, sugar futures

Cotton Futures--- Cotton futures in the December contract which is considered the new crop settled last Friday at 77.08 while going out this Friday afternoon in New York at 74.75 selling off 250 points this week hitting a 2 year low as the trend remains bearish. As I’ve talked about in previous blogs if you were short this market last week the 10 day high was 78 when prices were trading at 77 with the risk of about $500 as this trade has paid off and continue to keep your stop at the 2 week high which remains at 78 risking around 325 points or $1,700 as the trend continues to move lower due to the fact of outstanding weather in southern part of the United States which could produce another record crop. Also with carryover levels right near all-time highs as well as there are very few bullish fundamentals in this market so continue to play it to the downside in my opinion and if you look at many of the agricultural commodities like corn, wheat, and cotton which all continue to move lower. TREND: LOWER –CHART STRUCTURE: AWEFUL

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