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AFB Cotton Close: Market Turns Lower

Ernst Undesser
By Ernst Undesser April 24, 2012 15:23

Cotton Comment
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
July down 102 at 9146
Oct down 79 at 9165
Dec down 59 at 8871
March ’12 down 61 at 8938

This week’s LDP rate for cotton is

0 cents
The estimate for next week is 0 cents

Ernst Undesser
By Ernst Undesser April 24, 2012 15:23

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