AFB Cotton Close: Market Makes Strong Gains
Cotton made strong gains as fertilizer price levels and soybean profit potential seems to be pulling acreage from cotton. March intentions had plantings over 13 million acres, but November soybeans advanced 75 cents or more since that survey was made. Fertilizer price has moved sharply higher, raising the cost of cotton production. December has firmed after drifting below 88 cents for several days.
|Spot Price, Grade 41 Staple 34:||Memphis up 162 at 8750|
|Greenwood up 162 at 8750|
|New York Futures:||May||up||162||at||9300|
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,