Cotton #2 Futures PricesWednesday, May 22nd, 2013
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Latest Brugler Cotton #2 Report
Cotton futures settled 44 lower to 42 higher after triple digit losses on Tuesday. Only July and October were in the red. Both futures and options volume was slow. The US dollar was sharply higher following a 6 day low set overnight. The Cert Stocks report showed larger supplies at 509,472 bales available for delivery. There were 3,339 new bales certified and 577 decertified. USDA shows 1,578 bales awaiting review. The Cotlook A Index is at 91.90, down a sharp 150 points from the previous day. Trade estimates for USDA weekly export sales are conservative, at 70,000 to 100,000 RB. Shipments will need to be much larger, in the 230-240,000 RB range to keep up with the USDA forecast for the year. The marketing year ends July 31.
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