The US crop has now 75 percent open bolls, and is 17 percent harvested compared to 5 year averages of 70 percent and 14 percent.
Of concern over the weekend were heavy rains of between 5 and 12 inches in the Northern Delta, in particularly in Missouri. These rains were of concerning magnitude, and could detriment the quality and yield for what was to be a high staple crop.
Technically the December continues to stabilize between a narrow, 51.50 to 53.00 range. Most indicators continue bearish, whilst the overall down trend channel is well and truly intact between loose parameters of 50.50 and 53.25.
We would expect to see a large amount of new shorts enter a break below 51.50 and certainly below 51.20, the old contract low.
marketing@alchempro.com
