Cotton fell on spec selling and bearish options. We may be starting to see the effect of 1 million bales of cert stocks sitting on the front month. Specs are getting nervous looking at the invert in the back months as it has come in over 400 points in the last several sessions. N'10 was struggling to break out above 85 cents and sales today were not enough to justify another leg higher.

Instead we could be seeing the beginning of a spec correction into scale down trade buying. Certainly if we see N'10 test the low 80's mills will wake up again and there will be on call sale fixations. Overall equity markets did well today and the commodity complex was positive. China is still the key and have to see if they chase the market after today’s correction or wait a bit longer.