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AFB Cotton Close: Moderately Lower

Ernst Undesser
By Ernst Undesser April 25, 2012 15:09

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 15:09