Cotton remained under pressure testing the bottom of the current trading range. We are going into a shortened trading
week as well as end of the 1st quarter and the USDA acreage estimate on Wednesday. All of these things could see some
profit taking in cotton but we are seeing better demand and on call sales fixations that are supporting these levels. Volume
has been average and the open interest steady as we wait for K'10 expiration.

COT report on page 2 shows very little change as the specs and funds remain long near the highs of the range. 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 as they continue to climb into the end of the first quarter but the second quarter is not tra-
ditionally as friendly and the economy is still not showing a big turn around in demand. Short term the range should hold
until we get closer to K'10 FND.