The same group, commercial traders, who were selling Tuesday returned as buyers Wednesday.

Comments:

December cotton continues to consolidate below its high of 75.00. Wednesday saw another tight trading range, 1.23, with the contract supported by renewed commercial buying interest. This same group sold the market Tuesday, leading to a modest sell-off. Noncommercial traders seem to have taken a back seat, waiting for a breakout of some kind.

ThursdayΆs session will see the release of the latest weekly sales and shipment figures, with last weekΆs action in futures spreads hinting at a bullish round of numbers. Also, traders will be keeping a close eye on weather forecasts with another weekend just around the corner.

General Comments:

December cotton gained 0.31 to close at 74.29 while March rallied 0.30 to 74.52. December corn finished 1 cent higher as November soybeans gained 2 1/2 cents and September Chicago wheat rallied 9 cents for the day.

The U.S. dollar index was 0.495 higher at 95.559. December gold was $8.10 lower at $1,364.50 while September silver fell $0.231 and September copper lost $0.0140. The Dow Jones Industrial Average was 4 points higher at 18,317. September crude oil was $1.40 higher at $40.91. The September distillates (heating oil) contract gained $.0318 while September RBOB gasoline rallied $.0385 and September natural gas was $0.112 higher.