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ECOM daily market recap

10 Nov '06
3 min read

US production was raised 640,000 bales, exports raised 200k and domestic use reduced 100k. US ending stocks were raised 600k overall to 6MB.

In China, Production was raised 1MB and imports reduced 1MB. Other notable changes include crop reductions in Pakistan (600k), Australia (500k) as well as Turkey and Greece.

Global ending stocks were overall reduced by 1.21 million bales, to give a new stocks / use ratio of 42.23 percent ( down 1 percent).

Today's performance in the December contract continued a sideways consolidation, taking back some of yesterday's late damage. The action was all confined to within yesterdays range, adding some caution and uncertainty.

Momentum indicators are moving sideways, whilst today's low was well supported at the 9 day EMA. Prices are still attempting to break out of the 4 month long down trend channel, which is currently pinned between 44.50 and 49.50.

As long as 48.00 continues to show support, the greater the possibility that this trend is eventually broken, even though that still implies more sideways action.

Click here to view the graphical presentation.

ECOM USA Inc

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