Cotton #2 Futures PricesFri, Oct 31st, 2014
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Cotton futures were mixed on the day, down as much as 10 points in the March contract, and up 7 points for the July 15 contract. December picked up 64 points on the week. The 3 day surge in the US dollar index did some more damage to export demand ideas. The dollar is at the highest level since 2010, which makes imports cheaper but exports more expensive in third party currency terms. Total US export commitments as a % of total projected annual exports are at 63% vs. the 5yr average of 56%. Cert stocks are now at 15,574 bales this morning with 352 bales decertified. First notice day for December futures deliveries is November 21. The Cotlook A index is down 45 points at 70.00. The Commitment of Traders report from the CFTC showed managed money accounts adding a net 5,085 more contracts to their net long position this week, making them net long 9,633 contracts.
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