Agfax Buzz:

    December 12, 2012

    AFB Cotton Close: Higher on Technical Buying

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Cotton Comment
    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
    May up 21 at 7600
    July up 14 at 7677
    Oct up 14 at 7735
    Dec up 9 at 7822
    This week’s LDP rate for cotton is 0 cents
    The estimate for next week is 0 cents

     

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