AFB Cotton Close: USDA Report Pushes Futures Mostly Lower
Cotton was mostly lower as a big adjustment in beginning stocks for India pushed world ending stocks above 66 million bales. China’s import needs were raised 2 million bales, which was reflected in a 400,000 bale increase in projected U.S. exports. However, a 500,000 bale decline in U.S. ending stocks wasn’t enough to prop up the market. December ended just below recent support and could be headed to the contract low of 83.25 cents.
|Spot Price, Grade 41 Staple 34:||Memphis up 25 at 8423|
|Greenwood up 25 at 8423|
|New York Futures:||May||up||25||at||8973|
This week’s LDP rate for cotton is
|The estimate for next week is||0 cents|
The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,