AFB Cotton Close: Moderately Lower
Cotton was modestly lower today. China’s larger than expected plantings weighed on the market. However, it should be noted that an almost 10% cut in plantings will mean China will have to import more cotton, or use part of their stocks. The size of the U.S. crop, which is a big question, will be a major factor in whether this market can move higher. December resistance is layered in 3 cents intervals beginning at 91 cents.
|Spot Price, Grade 41 Staple 34:||Memphis down 66 at 8330|
|Greenwood down 66 at 8330|
|New York Futures:||May||down||47||at||8889|
This week’s LDP rate for cotton is
|The estimate for next week is||0 cents|
South Korea reportedly has temporarily halted imports of wheat from Washington state after USDA confirmed the discovery of volunteer genetically engineered wheat growing in the state. Though USDA stated there