I have nothing to add to last nightΆs closing comments. Today was uneventful in either direction for futures. The market is marking time. Cotton futures continue to slosh around in a herky-jerky, almost directionless pattern between 83 and 87.50 in December futures.ItΆs just too hard to get around the fact of record large global reserve stocks, even though China controls more than half of those stocks and isnΆt selling. Traders know that could change with the stroke of a pen in Beijing.

Yet I cannot see advancing pricing beyond what I recommend below because projected U.S. ending stocks for 2013/14 are going to be very tight and the crop is behind normal planting progress to boot. Current sales levels are adequate for the choppy, sloppy sideways price pattern futures seem to be in.