Like most commodities, cotton came under heavy pressure from noncommercial selling Wednesday. The July contract was 3.60 cents lower, the December was down 3.24 cents, and the March lost 3.17 cents.

A look across the commodity landscape Wednesday afternoon shows the carnage created by unchecked noncommercial selling. Cotton was no different, caught up in the tidal wave that dragged most markets sharply lower. If selling continues unabated this week the July contract is in position to establish a bearish technical signal on its weekly chart that would indicated increased pressure in the short-term.

The commercial side of the market stayed on the sidelines for much of the day, though the slight strengthening of the carry in the new-crop December to March spread would hint at a late round of selling from this group. There remains little fresh news to provide support, with the only headline being discussed over the course of the day having to do with the lower than expected April Purchasing Managers Index in China. While the country is still showing economic growth, it wasnΆt as strong as projected adding to the pressure in a number of different commodities.