Agfax Buzz:

    March 27, 2012

    AFB Cotton Close: Higher for 3rd Straight Day

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Cotton Comment
    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
    July up 198 at 9301
    Oct up 153 at 9266
    Dec up 107 at 9048
    March ’12 up 107 at 9115

    This week’s LDP rate for cotton is

    0 cents
    The estimate for next week is 0 cents

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