The Farmer's Weblog
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Saturday, November 2, 2002 |
Seasonal patterns beg for lower prices, albeit not significantly lower. However, fundamentals are positive, albeit only marginally given the current absence of demand. Technicals are only just a bit positive, but at least not negative. Thus, the stars are beginning to align themselves, but we should not look for any great starburst. December will likely move into first notice day (FND), just three weeks away, still very much range bound. The upper end of the 42.50/46.50 cent range is currently being battered, but not shattered. While I would not be surprised to see December jump to 47-48 cents before FND, a price retrenchment back to 43 cents would likewise be no more surprising. Thus, this teeter-totter price activity may easily carry forward until the March contract expires.
5:21:57 PM
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Average spot quotations were 200 points higher than the previous week, according to the USDA, Agricultural Marketing Service?s Cotton Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 26.5-28.4, uniformity 81) in the seven designated markets averaged 42.41 cents per pound for the week ending Thursday, October 31. The weekly average was up from 40.41 cents per pound for the previous week and 26.77 cents during the corresponding week a year ago. Quotations ranged from a high of 42.59 cents on Friday, October 25 to a low of 42.25 cents on Wednesday, October 30. The NY December 2002 futures settlement price ended the week at 46.25 cents compared to 45.89 cents a week ago.
5:18:01 PM
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