AFB Cotton Close: Continues to Lose Ground
Cotton lost more ground today with December closing below 89 cents. There is little news to give the market direction, so the market is looking at building world stocks and the potential for a sizeable U.S. crop if conditions in Texas improve. Last year’s big price bump, cut cotton use as cheaper man-made fibers filled the void.
|Spot Price, Grade 41 Staple 34:||Memphis down 90 at 8114|
|Greenwood down 90 at 8114|
|New York Futures:||May||down||90||at||8714|
This week’s LDP rate for cotton is
|The estimate for next week is||0 cents|
Bolls are sprouting in soggy central and southeastern Texas, where it has rained 9 straight days and even more in some areas. There are numerous insurance issues related to loss