We are heading into end of the first quarter of the year with a short trading week. The USDA planting acreage estimate is
scheduled to be released Wednesday morning, and market is closed Friday for Easter celebration. Cotton bounced from Friday’s pull back and traded at 60 to 70 points higher in the front months for the majority of the session. We are at bottom of
the current trading range, but are seeing better demand and on call sales fixations that are supporting these levels. Cotton
rallied on weaker dollar on close and posted three digit gains.

As per charts shown on page two, for the week ending March 26, specs slightly increased their net long positions in cotton
from 15.3% a week before to 16.1%. The USD fell off a bit after positive news came out of Europe about Greece but overall
the trend remains in place as the USD looks to be firming. Stocks had a good week last week and continue to climb into end
of the first quarter. Technically in cotton, we are still in the sideways trading pattern, and short term the range should hold until we get closer to K'10 FND.