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kenny1703 (< 20)

Cotton is 85 points lower on Macro fears.

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April 25, 2013 – Comments (0)

Cotton futures rallied two cents from the low on Friday ahead of the close, probably spurred by option expiration in the May contract.

Traders now face first notices of delivery on May on the 24th of April. There were 7,010 bales of cotton certified for delivery this weekend, making the total available for delivery 456,559 bales.

This morning cotton futures are sharply lower, as are nearly all other commodity contracts, including the US Dollar. The pressure appears to be coming from a Chinese report of first quarter GDP of 7.7% vs. the 8% many had been expecting.

Although, reports that China is likely to reduce cotton acres and soybean acres in favor of rice and corn should be supportive.

This morning, cotton is trading 85 points lower.The US Dollar Index is down 15 points at 82.25.Crude oil is down $1.49 at $89.80.May soybeans are down 8 cents at $14.05.May corn is down 9 ¼ cents at $6.49 ¼.July wheat is down 14 ½ cents at  $7.05.

We suspect the markets are setting themselves up for a “Turn Around Tuesday”.

FLANAGAN TRADING CORPORATION

4901 Draycroft Place, Fuquay-Varina, North Carolina, 27526

Tel:  919-557-8200  E-mail:  cottonjohn@aol.com

Cell:  919 801 1567

This material has been prepared by a sales or trading employee or agent of Flanagan Trading Corp and is, or is in the nature of, a solicitation. This material is not a research report prepared by Flanagan Trading Corp.. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading

Source: futuresknowledge.com

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