After a strong day in equity markets, commodities were mixed as the USD had a big correction. Based on the chart of the USD on page 3, we have made a double top so there could be some resistance to the upside. The DJI had one of the biggest moves higher of the year and made up for a lot of the recent losses. Volume remains steady and open interest rising as we wait to see how the100k of N'10 open interest begins to liquidate.
Export sales were friendly today near the 4-week average and on pace to reach the USDA estimates. Cert stocks are steadily rising as the awaiting review jumped up to almost 50k bales. We should see cotton stay within the current range until we get closer to FND. Mills are still interested on dips and we have on call sales to fix as well. Expect more of the same sideways trading.