Agfax Buzz:

    May 11, 2012

    AFB Cotton Close: Taking A Shellacking

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Cotton

    Cotton is taking a shellacking. Yesterday’s limit decline appears to be just a prelude to what could happen. December futures closed just above 76 cents. World stocks grew in yesterday’s report and with a 2012 crop that is expected to exceed use will move higher. USDA projected 2012/13 world stocks of 73.75 million bales. The cure for low prices is low prices. This should start cotton on the road to regaining lost market share.

    Spot Price, Grade 41 Staple 34: Memphis down 285 at  7247
    Greenwood down  285 at 7247

     

    New York Futures: July down 285 at 7897
    Oct down 312 at 7848
    Dec down 303 at 7634
    March down 298 at 7758
    May down 284 at 7871
    This week’s LDP rate for cotton is 0¢ cents
    The estimate for next week is 0¢ cents

     

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