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To: Enigma who wrote (46059)	12/16/1999 4:34:00 PM
From: long-gone	Respond to of 116836

always darkest before the dawn?: Duane Howell: Current-crop cotton hits new lows, dragging down 2000 crop prices Cotton futures skimmed along the bottom of trading ranges in light activity last week, setting new contract lows in current-crop deliveries through May, as traders awaited the U.S. Department of Agriculture's monthly supply-demand forecasts. Spot March slipped to a new low at 49.51 cents en route to finishing the week ended Thursday at 49.90 cents, down 69 points for the period and the third time in the life of the contract it has closed below 50 cents. December, which during its lifetime traded from 74.10 to 47.75 cents, went off the board at a 205-point discount to March and settled the last time at 48.42 cents. The discount widened from 140 points in mid-November to 224 points the day before December expired. Somewhat surprisingly, new lows failed to spark selling by speculators, who seemed reluctant to press the downside from historically cheap prices. A lack of buying amid trade and grower-related selling allowed prices to slip. (cont) lubbockonline.com