Cotton #2 Futures PricesThu, Jul 28th, 2016
Latest Brugler Cotton #2 Report
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Cotton futures are sharply lower with most contracts down more than 100 points on this morning, following a mixed close on Wednesday. The USD is another 450 points lower on the session following a sharp drop on Wed. after the FOMC confirmed no change in interest rate. India will post record cotton imports during the 2015/16 marketing year according to the Indian Cotton Federation, with the potential to reach imports of 18 lakh bales. Because of a 12% decline in Indian cotton production, 7 to 8 lakh bales have already been imported this season. ICE reported that there were 114,719 certified bales in storage warehouses on July 26, with 2,861 decertified bales. The USDA AWP for the week is 65.28. We get new numbers tonight.
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