Cotton #2 Futures PricesMon, Sep 22nd, 2014
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Cotton futures closed sharply lower, with most contracts trading more than 200 points lower during the session. December settled down 180 points. The sharp decline follows China restricting import quotas for 2015 to 894,000 MT (4.1 million bales), which is the WTO minimum. The current USDA estimate for imports is 8.0 million bales. They are serious about working down excessive stocks. The US Dollar Index was higher again today, and crude oil was lower. The Cotlook A Index is at 72.85, down 0.65 from the previous day. ICE Certified stocks are down to 20,461 bales as deliveries against the October contract begin Wednesday.
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