Another narrow range today as cotton traded on light volume. The USD was very strong today which weighed on commodities across the board. Equities also suffered on further concerns from Greece as well as uncertainty related to the Goldman Sachs hearings on Capitol Hill. The DJI closed down almost 2% which could be leading to a much anticipated second quarter correction.

Cert stocks broke 1 million bales today and notices yesterday showed more of the same. N'10 represent 122k of the 189k open interest in cotton and could be vulnerable for a correction. Sales on Thursday will be important but the export news out of India should relieve the panic buying and allow NY to possibly test the lower end of the range.