Cotton appears to have broken through resistance
Updated
A resistance in the price of cotton of roughly .95 cents has been in place since 2012 and was recently broken. In 2010 cotton ran all the way up to $2.00 and started breaking north this time of year. It appears that the running quantity of cotton ginned in various parts of Texas through September 15th is down significantly from the prior year. Much of the rest of country hasn't started ginning as of yet. This will be something to watch over the next couple of weeks.
ams.usda.gov/mnreports/cnwwcmr.pdf
Not investment advice, just my observation.
ams.usda.gov/mnreports/cnwwcmr.pdf
Not investment advice, just my observation.
Note
As of October 8th, most regions in the United States were reporting light to moderate supplies and most regions observing good demand. I am still holding long in this position but taking profits and reducing my position incrementally. Not investment advice, just my observation and what I am personally doing.
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