AFB Cotton Close: Higher on Technical Buying
Cotton was higher as technical buying provided follow through on yesterday’s gains. March futures moved above 75 cents and are less than a penny below the 38% retracement objective of 76.14 cents. Export movement has been good, as evidenced by yesterday’s upward bump of 200,000 bales in the supply demand numbers. That is a positive, but a long ways from solving the world supply situation.
|Spot Price, Grade 41 Staple 34:||Memphis down 22 at 7187|
|Greenwood down 22 at 7187|
|New York Futures:||March||up||22||at||7512|
|This week’s LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|