Sales were very good during a short holiday week, at 303 krb. Viet was high at 85, Pak 2nd at 52, then China at 45. China also bought 13 new crop. Shipments were also impressive, with Uncle Sam getting out 291 krb before Christmas. Demand has been strong as horseradish since Sep.
For the time being, the most bullish forces in our market are the grain market + the $.
William Johnstone Britton was called "the Poet of Front Street," and he was a merchant on that famous street for over half a century until his death in 1961. We were too young to know him, but our father knew him well and introduced us to his poem (see below). Front Street was a magic place when we were growing up, full of characters, farmers, traders, factors, porters, etc. During fall and winter some merchants would come to their offices straight from duck blinds and deer stands, and one could find decoys, bird dogs, shotguns and such in the corners. A man's word was worth more than gold, and the Street hummed and thrived on handshakes, being the largest cotton market in the world. There was always a bottle of bourbon nearby, and happy hours were loud, bawdy and often. We were fortunate to begin our careers on Front Street, some of the happiest times and memories in our lives. Happy New Year, and drink a toast to the past.
The dollar made the tiniest of reversals, honoring the seasonal low due this day or perhaps Mon. Cotton has been tied hook-line-and-sinker to this currency, as it made a major low on 3/24, and the Buck made a major high on 3/23. More recently, cotton made an intermediate low on 11/02, matching the $s intermediate high the same day. Both seasonals have worked in textbook fashion this year, and now it is imperative to be alert for a topping pattern in cotton, and bottom in the $. A year ago the $ made a major low on 12/31, and cotton made a major high on 1/13.
You're not a very tidy place, Front Street…
And you have a dirty face, Front Street…
But in your buildings bleak and cold
There beats many a heart of gold.
You're still our Front Street.
There's been many a gallant knight on Front Street…
Who has fought a valiant fight, on Front Street…
There've been battles won and lost;
They've been clawed and gored and tossed
By bulls and bears at awful cost, on Front Street.
There's many a kindly deed done on Front Street…
They've helped many a one in need on Front Street…
There are hearts as soft as fluff
That assume a manner gruff
Just to hid their real fine stuff, on Front Street.
Many have traveled far and wide
Who have lived on Front Street.
They have fought and bled and died, on Front Street.
But with the memories of the past
Crowding around me thick and fast
I want to stay until the very last
On Front Street.
W J Britton, 1878 – 1961