AFB Cotton Close: Futures Continue Lower
Cotton futures were trading lower. All cotton acreage is now estimated to be 11.4 million acres. That is up 3% from the previous USDA estimate and up 9% from a year ago. Upland cotton is up 10% at 11.2 million while American Pima is down 11% at 178,000 acres. Expectations for weakening demand also factor in heavily to today’s price action. December is now trading at its lowest level in a year. The market charted another leg down today, but found support at 72.51 for the time being.
Bolls are sprouting in soggy central and southeastern Texas, where it has rained 9 straight days and even more in some areas. There are numerous insurance issues related to loss