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AFB Cotton Close: Moderately Lower

Ernst Undesser
By Ernst Undesser April 25, 2012

Cotton Comment
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
July down 66 at 9080
Oct down 36 at 9129
Dec down 7 at 8864
March ’12 down 1 at 8937

This week’s LDP rate for cotton is

0 cents
The estimate for next week is 0 cents

Ernst Undesser
By Ernst Undesser April 25, 2012