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AFB Cotton Close: USDA Report Pushes Futures Mostly Lower

Ernst Undesser
By Ernst Undesser April 10, 2012 15:11

Cotton Comment
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
July down 104 at 8826
Oct down 146 at 8864
Dec down 107 at 8732
March ’12 down 88 at 8844

This week’s LDP rate for cotton is

0 cents
The estimate for next week is 0 cents

Ernst Undesser
By Ernst Undesser April 10, 2012 15:11

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