Cotton #2 Futures PricesFriday, May 17th, 2013
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Latest Brugler Cotton #2 Report
Cotton futures closed 38 to 61 points higher on the ICE today. US export sales last week were stronger than some had expected at 142,800 RB. However, the dollar continues to push higher which is raising doubts about next week’s sales. Current certified stocks are reported at 509,145 bales, with 1,565 new certs, 2,324 decerts, and 2,640 bales awaiting review. The Cotlook A index is at 93.40, down .10. A Memphis -based consulting group reduced projected cotton acres to 10.241 million from 10.367 million back in March. USDA is anticipating only 10.03 million acres. The weekly CFTC commitment of traders report showed managed money accounts increased their net long position by 9,827 contracts.
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