Pressure from a stronger U.S. dollar index had the cotton market on the defensive Thursday.

General Comments:

March cotton closed 0.10 higher at 61.50 with May 0.10 lower at 61.96. March corn closed 5 1/4 cents lower, March soybeans finished 4 cents lower, and March Chicago wheat closed 9 1/2 cents lower. The U.S. dollar index was 0.230 higher at 98.770. February gold was $3.30 lower at $1,094.60 while March silver was $0.078 lower and March copper was $0.0221 higher. The Dow Jones Industrial Average was 18 points lower at 16,328. February crude oil was $1.77 lower at $31.39.

Comments:

Commodities in general came under pressure Monday, due in large part to overnight selling in Chinese stock markets and the collapse of the energy complex as the day progressed. However, March cotton was able to hold on to a small gain at the close, supported by light commercial buying interest. This could be hinting at a possible bullish round of numbers in USDAΆs January reports scheduled for release Tuesday. Technically the March contract continues to hold above support at 61.37, though MondayΆs session saw it close well off the dayΆs high of 62.28.