Swiss Financial Service's cotton commentary for week beginning
12 Mar '07
3 min read
In other markets, soybeans closed 12 to 14 higher for the week while corn, which established the weeks entire range on Monday, gained only 3 to 4 higher.
Wheat gained 2 to 9 cents depending upon the exchange. Crude oil was a buck sixty lower on the week but still about $11 above the January lows. Precious metals held the previous weeks lows although did not get completely out of trouble. Gold regained about $6 and silver about 3 cents. The CRB lost about 200 points for the period.
The weekly spec/hedge report caught some by surprise but you wouldn't have known it from looking at the markets reaction. Specs moved to a net long position of 8/10th of a percent vs. the previous weeks 7.5 percent net short.
The biggest changes came on the short side as the commercial trade added 18,036 new shorts which set a new record for outright short hedges at 113,809 contracts. The new short hedges were attributed to loan redemptions. Specs covered 12,706 shorts.
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