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AFB Cotton Close: Futures Continue Lower

Ernst Undesser
By Ernst Undesser July 3, 2014

Cotton Comment

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.

 
Futures:
High Low Last Change
Jul ’14 – – – – – – 76.22 -0.47
Oct ’14 72.23 71.52 71.79 -0.47
Dec ’14 72.62 71.52 72.06 -0.41

Memphis, TN Cotton and Tobacco Programs

 

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Ernst Undesser
By Ernst Undesser July 3, 2014