Cotton Comment
Cotton hopped on the bandwagon and posted strong gains. Strong export demand is a rallying point as we move toward harvest. A crop of more than 19 million bales is expected as conditions generally remain favorable. The Texas crop is expected to be very good while some areas in the Midsouth and southeast are facing dry conditions and heavy insect pressure. Exports are projected to be more than 14 million bales with China a major importer. Today?s December close above previous resistance at 77 cents will open the market for a retest of recent highs near 80 cents.
| Spot Price, Grade 41 Staple 34: | Memphis up 168 at 8161 |
| | Greenwood up 168 at 8161 |
| New York Futures: | Oct | up | 168 | at | 8236 |
| | Dec | up | 185 | at | 7876 |
| | Mar 11 | up | 108 | at | 7629 |
| | May 11 | up | 100 | at | 7680 |
| | July 11 | up | 85 | at | 7747 |
| This week's LDP rate for cotton is | 0 cents |
| | The estimate for next week is | 0 cents |
