While private crop estimates put the crop 1.47 billion bushels below earlier projections, there are traders that feel this has already been accounted for and the market must have new demand. The estimate for next week is 14.06 cents Cotton Comment Cotton came under heavy selling pressure early after the market failed to break a 5-month downtrend earlier this week. Planting in most of the Cotton Belt is moving at a rapid pace. At the same time, demand for old crop is waning. Domestic use continues to slip and the current USDA projection of 9.3 million bales may be 200,000 to 300,000 bales above reality.
Exports look good, but actual movement is lagging behind.
Right now the key to price improvement seems to rest with the 2001 crop and that is off to a good start in terms of planting. Dry conditions in the midsouth may alter that fact if rain is not forthcoming in the next week. May down 4 at 555 July down 5 at 572 Sept down 3 at 554 Today's Arkansas LDP rate for long grain rice is 3.70 medium grain rice is 3.59 Rice Comment Rice is continuing in a sideways pattern that has developed over the last seven weeks. The international market remains competitive with the Thai government trying to move government intervention purchases. Good terms have been offered to Indonesia, who indicated their domestic stocks were sufficient.