Cotton #2 Futures PricesFri, Sep 19th, 2014
Latest Brugler Cotton #2 Report
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Cotton futures closed with losses of 66 to 91 points in the front three contracts, each of which came off of their session lows this afternoon. Deliveries begin next Wednesday against the October contract. US cotton export sales commitments are now 55% of the forecast for the year vs. the 5 year average of 45%. The recent sales pace has been slower, but there is some cushion. The US Dollar Index was more than 400 points higher today, keeping the pressure on the price of most US commodities, and dampening the outlook for exports. The Cotlook A Index is at 73.50, down 0.55 from yesterday. ICE Certified stocks are down to 21,218 bales as we approach the October contract delivery period, with 23,295 decertified yesterday. Spec funds added a net 2,856 contracts to their net long position as of Tuesday, bringing them to a net long 5,430 contracts.
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