AFB Cotton Close: Higher for 3rd Straight Day
Cotton received favorable treatment, closing higher for the 3rd day in a row. December futures closed above trendline resistance at 90 cents. Retracement objectives at 91.35 cents and 92.5 cents are probable upside targets if the market can maintain momentum. Acreage shifts to corn and/or soybeans may have given the market a reason to move higher. A potential 10% cut in Chinese plantings added to the positive undertone.
|Spot Price, Grade 41 Staple 34:||Memphis up 168 at 87.09|
|Greenwood up 168 at 87.09|
|New York Futures:||May||up||168||at||9259|
This week’s LDP rate for cotton is
|The estimate for next week is||0 cents|
Rainy and cool best describes the weather over much of the Panhandle and South Plains this week. Rain in Oklahoma brought relief to dryland fields and helped make the pull-back