At 9:30pm U.S., much later Brazil time:
Overnight grains are lower.
I wanted to pass along a few comments regarding the cotton market, as I make new cotton farmer contacts around the world. Tudo bain senors! Anyway, one cotton analyst says tonight's market is higher. "Asian stocks are mostly lower with US commodities mixed and the US$ index slightly higher. Cotton hit new contract highs upon its opening across the board but has backed off a bit since.
She adds, "Wednesday's futures volume of 56,688 was even higher than Tues. If the same ratio from Tues applies to Wed, 42K of the volume was spread related although I look for a somewhat smaller figure since new longs/additional short covering was initiated by funds today. Cert stocks moved up to 167,331 with another 15,472 under review for a possible total of 182,803."
Mike
