Cotton #2 Futures PricesMon, Aug 29th, 2016
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Cotton futures slipped another 108 points in the December contract during the Monday session. Perceptions of a stronger US Dollar Index going forward added pressure to the Ag Commodities sector. NASS issued its weekly crop progress update after the close on Monday. The national crop is 1% ahead of normal in terms of setting bolls, and is on par with the five year average as far as bolls opening. National condition ratings improved slightly overall from last week. The amount of Weekly data from the CFTC published on Friday afternoon showed managed money accounts had reduced their net long position in cotton by about 22% between 8/9 and 8/23. USDA put the new average world price (AWP) at 58.81, down from 60.23 last week. There is, of course, no LDP at that price level. ICE has certified stocks at 47,613 RB. The Cotlook A Index is at 77.30 for 8/26.
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