Agfax Buzz:

    April 10, 2012

    AFB Cotton Close: USDA Report Pushes Futures Mostly Lower

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    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

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