Both old-crop and new-crop cotton markets posted solid gains Wednesday, as the overall mood continues to grow more bullish.

July cotton closed 1.02 higher at 64.09 while new-crop December rallied 0.70 to 62.29. May corn was 10 1/4 cents higher, May soybeans finished 24 1/4 cents higher, and May Chicago wheat closed 18 cents higher.

The U.S. dollar index rallied 0.537 to 94.513. June gold lost $8.30 to $1,246.10 while May silver was $0.068 higher and May copper rallied $0.0125. The Dow Jones Industrial Average was 92 points higher at 18,145. June crude oil rallied $1.40 to $43.87.

Cotton saw its recently established uptrend strengthen again Wednesday, with both old-crop July and new-crop December contracts posting solid gains. In the old-crop market, support has been tied to buying from both commercial and noncommercial traders, the latter likely covering the remaining contracts of their net-short futures position reported in last weekΆs CFTC Commitments of Traders release.

On the marketΆs long-term monthly chart, the more active July contract is working its way toward initial resistance at the 68.48 mark.

As for new crop, the carry in the December-to-March futures spread closed near unchanged from Tuesday, indicating a lack of interest from the commercial side of the market. However, the trend on the spreads weekly close chart remains up, reflecting a steady weakening of the carry and implying an increasingly bullish view of new-crop fundamentals.