THE COTTON ROW JOURNAL by varner brothers

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New York: Volume: 16,419.. Open Interest: 181,864.. Cert Stocks: 372,050 KB... ... AUS$ +0.2%...Euro +0.1%... Yen +0.3% ...Gold +0.2%... Copper +0.9% (14 month high)... Crude -0.3%... CRB unch... Soybeans +0.3% (2 month high)... S&P unch
US WEATHER: 1/4" to 1/2" in VA, NC, SC, GA, Fla, AL, TX 7 and 10-N... 1/2" to 1" in TX 4 and 5-N...

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Daily Column

Previously Published

ELVES WIN

Sometimes the fundamentals win out, and other times the elves win. This time, put one in the “W” column for the elves. There was, and is, a host of technical resistance factors in the 6500 area for Dec, and at 6400 for the spot. Fundamentals have played a part in this 4th time failure this week, the most important being the meltdown in the row crops in Chicago. Also key is the entrenched attitudes by mills that they are balking at paying the highest price in 10 months to secure cotton. And way in the background was a report by a leading weather analyst that said there was a significant change in the “Madden Julian Oscillation” in India. This is part of the El Nino phenomenon, and means that for the next 4 weeks drought areas in India have a much better chance for rain. Cotton areas...