By Sharon Johnson

First Capitol Group Cotton Analyst

Daily Trading Activity – US cotton futures ignored Wed’s key reversal with a rally to new multi-

week highs only to close down on the day in the December contract where the vast majority of open

interest is housed.  Futures rose through the first 11 hours of the day’s session culminating in a

slightly higher weekly top after options opened at 10:30 AM EDT.  Spec buying (new longs/short

covering) into trade selling was the predominant feature but the Dec/Mar spread failed to gain

traction on the rally as was the case on Wed resulting in modest narrowing through the remainder of