AFB Cotton Close: Market Turns Lower
Cotton turned lower today. The US crop is ahead of schedule, with USDA reporting 17% of the crop in the ground. That is compared with a 5 year average of 13%. There isn’t enough evidence of improving world economics to give cotton a big boost. Huge world stocks will limit upside potential.
|Spot Price, Grade 41 Staple 34:||Memphis down 102 at 83.96|
|Greenwood down 102 at 83.96|
|New York Futures:||May||down||104||at||8936|
This week’s LDP rate for cotton is
|The estimate for next week is||0 cents|