REPEATING TUESDAY ADVICE ALERT: Push new crop sales another 10%; be 15% priced if a strictly cash marketer and 20% if a futures/options user.
A strong dollar and ideas that global cotton acreage may not drop as much as previously expected and global consumption declining to boot have turned psychology in cotton negative again. Weak stock market quotes feed the pessimism because stock price direction has been adopted as a proxy for consumer attitudes and consumer attitudes a proxy for demand of all things bearing cotton.
Fund buying has all but disappeared. New crop futures never ventured very much above the 65.90 that triggered new crop sales advice on our part.