DTN Closing Cotton Commentary
Darin Newsom DTN Senior Analyst
Tue Apr 30, 2013 01:54 PM CDT

The new-crop December contract continues to extend its rally off the recent test of technical price support at 83.04. So far this week the contract has rallied almost 3.50 off last week's low, yet technical indicators continue to show the market in its seasonal downtrend.

Despite this, the December contract could soon test its recent high of 89.20 (week of March 11). Light commercial support was seen late in the day as the carry in the December to March futures spread weakened slightly.

Also, the old-crop July contract continues to gain on the December hinting at increased short-term demand. If ...

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