AFB Cotton Close: Market Moves Higher in Response to Indian Announcement
Cotton closed higher as the market responded to an announcement by India. It appears they will allow earlier sales that were in limbo after an export ban was put in place. Shipment of this cotton will be completed by May 7. Once that is completed it appears the U.S. might have greater export opportunities. However, upside potential remains limited at this time.
|Spot Price, Grade 41 Staple 34:||Memphis up 250 at 8643|
|Greenwood up 250 at 8643|
|New York Futures:||May||up||250||at||9193|
This week’s LDP rate for cotton is
|The estimate for next week is||0 cents|