Cotton #2 Futures PricesMon, Mar 2nd, 2015
Latest Brugler Cotton #2 Report
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Cotton futures ended mixed after a mild rally this morning. March and May ended down a fraction of a penny while July and October gained a fraction. California growers got bad news Friday when they were notified that federal water will not be available for the second year in a row. Cotton acreage has already fallen more than 42% in California, from 367K acres in 2012 to 212K last year as producers struggle with lack of water and in some cases shift toward high-value crops such as nuts to maximize income from the water they do use. ICAC expects the largest stocks outside of China in the last 35 years. Global production is projected to exceed consumption by 2.1 million tons in 2014/15. The Cotlook A Index is 71.50, down 0.25.
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