AFB Cotton Close: Market Under Heavy Pressure
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|
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,