Cotton #2 Futures PricesThursday, May 23rd, 2013
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Latest Brugler Cotton #2 Report
Cotton futures are trading 100 to 160 points lower at midday today. Global stock markets were nearly all lower overnight, with Japan taking a particularly large hit. The Dow Jones had a high volume key reversal on Wednesday, but rallied back this morning after a gap lower open. The US dollar Index is sharply lower this morning following a big gain on Wednesday. The Cert Stocks report showed larger supplies at 509,848 bales available for delivery. There were 376 new bales certified and 0 decertified. The Cotlook A Index is at 91.50, down 40 points from the previous day. Trade estimates for USDA weekly export sales were conservative, at 70,000 to 100,000 RB. USDA put the actual number this morning at 138,100 RB for net sales and 232,900 RB for weekly export shipments. The latter is on pace to hit the USDA projection for the year. The marketing year ends July 31.
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