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AFB Cotton Close: Market Moves Higher in Response to Indian Announcement

Ernst Undesser
By Ernst Undesser April 18, 2012 15:52

Cotton Comment
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
July up 177 at 9002
Oct up 148 at 8958
Dec up 85 at 8718
March ’12 up 77 at 8803

This week’s LDP rate for cotton is

0 cents
The estimate for next week is 0 cents

Ernst Undesser
By Ernst Undesser April 18, 2012 15:52