cotton - markets today?

[furrowtickler]

Fund liquidation and profit taking? Interesting comments on S/A, both wet then dry and hot reports came out within hours this a.m. I did not know that the big fund money can control the weather in the southern hemisphere - lol.

[charliep]

Will let cotton answer. Will comment that the market react to perception about weather/impact on production. The perception and reality quiet often are different.

Perhaps even more important is markets react to news. Perhaps the wrong but markets are also like cattle. They tend to make big moves in reaction to something. The markets have moved higher for a significant period of time in reaction to concerns about weather/other issues. Perhaps not surprising they would take a break/move lower.

[furrowtickler]

I agree charlie, had a gut feeling to sell anouther 20% canola yesterday but no one was open. ADM was over $13 for March shoulda had a price target in. When everything points bullish a correction is always imminent it seems. Makes life interesting.

[charliep]

Just going to put up some charts.

[URL="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?&page=chart&sym=RSH11"]March canola[/URL]

<a href="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?&page=chart&sym=ZLH11"&g t;March bean oil</a>

<a href="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?&page=chart&sym=CLH11"&g t;march crude</a>

<a href="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?&page=chart&sym=ZCH11"&g t;march corn</a>

[cottonpicken]

One explanation i heard is that the commodity index's
are getting re-weighted so the funds are following
suit and re-weighting also.Larry touched on this in his
letter to.

The volatility is going to test our nerves,so much
volume its freaky.

[furrowtickler]

Interesting chart patterns, thanks charlie.

[furrowtickler]

Good to see canola pull itself up from $15 loss to only three down at the close.

[crusher]

We're close to a 62% retacement in canola from the 2008 highs, I'm going to sell 15%. $13.25 is still profitable. I try to let the technicals be my guide, otherwise I'll hold it all the way up and then all the way down. I haven't got a plan for wheat, so far no plan has been profitable.

[boarderbloke]

nice turn around in canola today, particular in the July month. I've been noticing over the last couple months that traders really seem to take every opportunity to beat up the July month. It's often trading lower than May, suggesting to me that buyers want canola sooner than later.

[furrowtickler]

Anyone know what the crush pace is at and historical relation? Also real stocks of #1 canola not just overall canola stocks.

[cottonpicken]

Love the looks of today,completely uncoupling from
the dollar.