“Certificated stocks have posted record highs every single session since March 27th. As the week came to an end there were potentially 1,355,759 bales eligible for delivery. It would now look as if the May contract will take care of less than 400,000 bales. So it doesn’t take much imagination to believe that the July contract will have to deal with a million bales or ten percent of the 2007/08 carryout.”The export sales report this past week provided glimmers of hope although it certainly didn’t help the market Thursday. This weeks report, the biggest of the year, showed an impressive 640,000 bales sold to an equally impressive 20 different destinations. However, sales are not the problem. All we need to do is sell an average of about 160,000 bales to meet USDA’s hopes. The fact that much of the US cotton is still being sold at bargain basement, fire-sale prices to raise capital. This would indicate that the fallout and damage from the horrendous market conditions the first week of March, is not only still with us but will probably be so for some time to come.”