Another range bound day for cotton as we tested highs and lows and settled in between. Export sales were within expectations at 250k current crop sales and 280k shipments which is in line with where we need to be to reach the USDA number. China has been the big story this week as local prices have jumped higher after new crop problems but the quotas might be enough to soften the spike longer term.

In the big picture Europe is still a major factor and having bearish effects on the global equity markets. With the Euro under pressure and the USD strengthening, its hard to see a lot of upside in the commodity complex in the short term. Stocks remain on the defensive as this also weighs on the commodity complex. Expect cotton to continue sideways trading to lower into the N'10 expiration.