DAILY MARKET REPORT by vzk39560

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									                                                                   DAILY MARKET REPORT                                                                                                    Thursday 25th March 2010


                 "ICE" COTTON FUTURES                                                               INDICATIVE PRICES (exclusive of GST)                                                                                   Namoi Cotton Commodities
                     Close         Change           High            Low                                                       2010               2011                                                                          (indicative prices, excl GST, per tonne)

   May-10            8141            -148           8296           8090                   ACash 14 Day                      $421                $436                                                     Grade                                Brisbane             N'castle           Pt Kembla
   Jul-10            8226            -142           8360           8176                      USc/lb (14 day)                  75.75               75.31                                                  2009/2010
   Dec-10            7457             -81           7545           7423                       Daily Pool                    $424                $439                                                     APH2                                    $220                 $220                 $220
   Mar-11            7561             -79           7614           7551                              FOB basis offerings may not reflect the cash equivalent                                             APW1                                    $200                 $200                 $205
   May-11            7601             -65                                                                                 31-3-36 / 3.5-4.9 Mic.                                                         AUH2                                    $195                 $195                 $200
   Jul-11            7652             -39                                                                                 227Kg Bales, FOB Ginyard.                                                      F1 Barley                               $200                 $190                 $180
                                                                                             COTTON COMMENT
                                                                                             Futures turned sharply lower today paralleling declines in many key                                         SOR                                     $195                 $195
Estimated Vol: 16,411; 09/10 A Index: 87.20 (+0.30)                                          commodities as the greenback rallied to ten-month highs, overwhelming                                       2010/2011
                                                                                             the commodities market. Nearby May led the slide in cotton declining as
                 AUSTRALIAN DOLLAR                                                           much as 190 points; it lifted slightly to settle at 81.41, down 148 points.                                 APW1                                    $215                 $215                 $218
                                                                                             Funds and specs were the main sellers, as closely watched technical
      Todays Spot                   9075                         Dwn 115                     points were breached. Scale-down trade buying on price fixations                                            F1 Barley                               $175                 $170                 $165
         2010                       9005                             -70                     cushioned the slide. Most commodities finished on the negative side in                                      SOR                                     $195                 $195
                                                                                             response to the stronger dollar. The USD strength was really more of a
         2011                       8635                            -440                     reflection of the Euro’s weakness though as continued worries that the                                                                               WW                G'windi              Warren
         2012                       8345                            -730                     International Monetary Fund may have to bail out Greece, compounded                                         Chickpeas 2009/10                       $380                 $380                 $380
                                                                                             with a downgrade in Portugal’s debt by Fitch Ratings, pummelled the value
AUD COMMENT
                                                                                             of the Euro. Soybeans and wheat declined 0.8% and 0.2% while corn rose                                      Chickpeas 2010/11      $380          $380
The AUD was weaker yesterday after a downgrade to Portugal
                                                                                             0.6%, despite the stronger USD. The USDA weekly export sales data, due
knocked risk aversion currencies lower overnight whilst sending                                                                                                                                                  Please contact your local Namoi Cotton
                                                                                             tomorrow, is expected to show Upland sales of about 160,000RB,
the USD rallying across the board. With the technical picture for                                                                                                                                                 representative for all Ex-Farm pricing
                                                                                             according to a survey of US merchants. Sales the previous week reached
AUD/USD looking increasingly bearish combined with the
                                                                                             263,200RB, and the 4-week average stands at 160,400RB. Shipments
Aussies inability to trade through the important .9250 resistance                                                                                                                                                             GROWER NEWS
                                                                                             have been running slightly ahead of the weekly volume necessary to reach
level, the odds are increasing for a more substantial pullback                                                                                                                                            Module/Bale Loans 9.14%. P&D exchange rate for March is
                                                                                             the USDA’s 12.0 million bale projection. The 4-week average covering all
towards major support. The US dollar rallied broadly overnight,
pushing the Euro to a 10-month low after a rating downgrade on
                                                                                             cottons stands at 292,400RB. A total 6.19 million statistical (480 lb.) bales                                            0.8877. Namoi Capital Stock 0.45
                                                                                             have been shipped thus far. A weekly average 279,400RB are needed to
Portugal added to worries about debt levels and growth in the                                                                                                                                             CONTACTS
                                                                                             reach the USDA projection.
Euro zones smaller countries. Fitch Ratings lowered Portugal's
sovereign credit rating to AA minus from AA, with a negative                                                                                                                                             Macquarie/Lachlan                 Jaimee Carrigan                           02 6888 9611
outlook, which coupled with concerns about debt-stricken Greece                                                 May -10 COTTON OPTIONS                                                                   Namoi                             Ross Brown                                0429 903 047
a day ahead of an EU summit had investors again weighing the
sustainability of the Euro zone recovery. In late New York trading                           Calls           Prem            A/Bale               Puts              Prem             A/Bale                                                Pedr Harvey                               0429 920 980
the Euro was down 1.3% at $1.3313, suffering one of its biggest
one day declines since early January. Against the JPY the dollar
                                                                                               79              356           $19.61                 79                115             $6.34              Gwydir                            Skye McDonald                             0407 434 104
was 1.9% higher at 92.15 after touching a session high around                                  80              292           $16.09                 80                151             $8.32              MacIntyre                         Paddy Martin                              07 4671 6910
92.23 yen. On Wall Street overnight, stocks fell as the cut in
Portugal's debt rating prompted profit-taking after a recent rally
                                                                                               81              237           $13.06                 81                196            $10.80              Mungindi/West Qld                 Owen Webb                                 0427 790 056
that had driven the Dow Industrials and the benchmark S&P 500                                  82              190           $10.47                 82                249            $13.72              Darling Downs / CQ                Les Perkins                               0427 001 289
to 18-month highs on Tuesday. The Dow Jones Industrial
average declined 52.68 points, or 0.48% with the S&P 500
                                                                                               83              149            $8.21                 83                308            $16.97              GS & Mkt Manager                  David Lindsay                             02 6790 3066
declining 6.45 points, or 0.55%.                                                               84              116            $6.39                 84                375            $20.66              Trading Manager                   Clinton Uebergang                         0427 903 075
DISCLAIMER:While the material (derived from sources believed to be reliable) contained in this report has been compiled in a diligent and accurate manner and is given in good faith, neither Namoi Cotton Co-Operative Ltd or Namoi Cotton Commodities Pty Ltd, nor any individual involved in the
preparation of this report, accepts any liability in the event of error, omission or any consequences arising from its use. This material has been prepared for general circulation and does not have regard to the particular circumstances or needs of any specific person.

								
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