Cotton #2 Futures PricesThu, Jan 29th, 2015
Latest Brugler Cotton #2 Report
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Cotton futures close higher after USDA weekly export sales were the largest of the year for the third time in as many weeks. All cotton commitments soared over the past three weeks to 9.162 million RB, 94% of the estimate for the marketing year. At 546,174 bales, the net sales figure this morning was up 16% from last week, with another 12,600 RB booked for 2015/16. Pima sales were smaller than the MYH set last week, but still came in at a relatively large 13,100 RB. The US dollar headed for its highest level in more than a decade and ended up slightly for the day on the prospects that the US Federal Reserve is the only major central bank likely to begin increasing interest rates any time soon and a weekly unemployment report that fell to its lowest in almost 15 years. New certified cotton stocks continue to be added, with 1,257 yesterday, bringing the total stocks to 58,580 and more than 3,500 awaiting review. The Cotlook A Index is 66.60 cents, up 0.10 from the previous day.
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