AFB Cotton Close: Steady to Firm with Small Gains
Cotton was steady to firm, registering small across the board gains. Good crop progress and large world stocks are limiting upside potential. Smaller plantings in the U.S. and China and perhaps other areas suggest a smaller world crop in 2012. It will take a while to work off over 62 million bales of projected world carry over.
|Spot Price, Grade 41 Staple 34:||Memphis up 131 at 8461|
|Greenwood up 131 at 8461|
|New York Futures:||May||up||142||at||9031|
This week’s LDP rate for cotton is
|The estimate for next week is||0 cents|
Bolls are sprouting in soggy central and southeastern Texas, where it has rained 9 straight days and even more in some areas. There are numerous insurance issues related to loss