Agfax Buzz:

    April 12, 2012

    AFB Cotton Close: Market Makes Strong Gains

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Cotton Comment
    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
    July up 150 at 8980
    Oct up 169 at 8961
    Dec up 119 at 8830
    March ’12 up 116 at 8925

    This week’s LDP rate for cotton is

    0 cents
    The estimate for next week is 0 cents

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