AFB Cotton Close: Narrow Trade Ends Mixed
Cotton traded in a narrow range and ended mixed. Renewed export registration by India provided the initial market pressure. That appears to have run its course with improved U.S. economic reports providing outside influence. A disappointing employment report, showing only 119,000 jobs created in April, added pressure across the board. Long term the market still must deal with huge world stocks which will limit upside expectations.
|Spot Price, Grade 41 Staple 34:||Memphis down 17 at 8201|
|Greenwood down 17 at 8201|
|New York Futures:||May||down||5||at||8746|
This week’s LDP rate for cotton is
|The estimate for next week is||0 cents|
The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,