Cotton Limit Up

from Flanagan Trading:
TODAY’S COMMENT: Cotton prices rose to limit gains on Wednesday, propelled by Fund buying. In recent days they have been liquidating positions ahead of the end of the second quarter, but, as they quickly re-entered those positions on the beginning of the third quarter and that buying moved the market. They did the same thing last quarter. Export sales of cotton, 164,000 rb, were good and within expectations while shipments, 345,100 rb, were better than expected. Export sales of corn, soybeans and wheat were all better than expected as well. This morning, the US Dollar Index is 44 higher at 80.32 and this is pressuring commodities. Crude oil is down $1.63 at $67.67. November soybeans were down 13 cents overnight at $10.02 ½. December corn was down 5 ¾ cents at $3.63 ½. December wheat was down 3 cents at $5.58 ½. China’s cotton futures and forwards were higher overnight. The markets will be closed tomorrow for the Independence Day holiday.