The smallest acreage for cotton in 26 years has propelled the fluffy material “limit up” for the day, in what amounted to almost a delayed reaction from traders, as cotton was initially down yesterday when the report came out. Likely due to the weakness shown by the other grains.
You’d think that with cotton supplies continuing to shrink rapidly, a run up toward $1 is only a matter of time. October cotton futures closed today at 58.63.
Taking a look at the chart – maybe cotton is indeed getting wound up to make a run here. A solid pop over 60-cents would be a strong cry to “hop aboard”!