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AFB Cotton Close: Taking A Shellacking

AaronT
By AaronT May 11, 2012 14:30

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

 


AaronT
By AaronT May 11, 2012 14:30