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AFB Cotton Close: Market Under Heavy Pressure

Ernst Undesser
By Ernst Undesser April 16, 2012

Cotton Comment
The threat of a slowing Chinese economy and new export permits from India put cotton under heavy pressure. The result was the lowest December futures level in 4 months. That was the contract low near 84 cents which is the next downside target. Big world stocks will continue to limit export opportunities.

 
Spot Price, Grade 41 Staple 34: Memphis down 400 at  8258
Greenwood down  400 at 8258

 

New York Futures: May down 400 at 8808
July down 248 at 8725
Oct down 256 at 8787
Dec down 231 at 8637
March ’12 down 232 at 8722

This week’s LDP rate for cotton is

0 cents
The estimate for next week is 0 cents

Ernst Undesser
By Ernst Undesser April 16, 2012