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Alaron Softs Comment
CHICAGO - Jun 11/08 - SNS -- Following is the orange juice, cotton and coffee comment from Alaron Trading Corp.
October Sugar rallied over 60 points today as it broke its downtrend line. In the last week, the market was able to hold the monthly low of 10.86. This lead to some short-covering. Prices have dropped over 300 points since mid-April due to the Brazilian harvest. The market usually makes a harvest bottom in early June. We should see prices bottom out and move higher through late July/early August. The market will find additional support if crude oil prices move higher during this period. Spread trading will be active in the next couple of weeks as traders roll out of the July contract as it expires at the end of the month. We have been buying October call options in the last week and will be looking to buy future contracts. Support for October is at 10.86-11.00. Resistance is at 11.80.
Boyd Cruel
Alaron Research Team
800.563.9510
bcruel@alaron.com
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