The USD was under pressure early and lifted most commodities as well as the equity markets. Cotton closed firm as we have now 6 trading days before FND and should have under 40k left to liquidate in the N'10 contract by tomorrow. Cert stocks remained stable right at 800k but there is no more awaiting review. The tight supply should have cotton supported as weather info keeps new crop from putting much pressure on the market even though there are no major concerns.

The option ring was very quiet today following the expiration on Friday. Obviously, concerns about the European economy are still hanging around so that is keeping equity markets from enjoying too much of a rally. Crops are well under way but we still have to bridge the gap to new crop and there is lots of time for potential problems. Expect more sideways trading and upside testing.