NEWS
DTN Closing Cotton Commentary
Wed Mar 13, 2013 04:02 PM CDT

Cotton futures closed higher and continued their contra-seasonal rally for the second day in a row this week. The May contract closed up 1.28 at 88.61, indicating noncommercial buying, and the July contract close up 1.39 at 89.55. The December was up .55 at 87.51. The seasonal tendency is for prices to move sideways through March and then lower into April.

The May-to-July spread widened to a .94 contango from a .83 contango yesterday. A widening contango reflects a more bearich commercial stance in the old crop. The December-to-March spread strengthened to a 0.92 backwardation from a 0.87 backwardation yesterday. ...

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