The cotton market has broken much of late. The fundamental picture had legs prior to the corona. The market today may have found support below the 49 cent level basis May. The USDA acreage could prove overstated. In addition China coming back on line may be a positive. New retail and clothing sales may be a bit off. However, watch the market to see if a rally to 53.26 can transpire. This could put the market in the 14,21 MA level. No specific trades are advised. The market may be sold out.
John J. Walsh
President, Walsh Trading, Inc.
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