CoffeeCommodity Research Bureau - CRB - Tue Mar 03, 4:21PM UTC
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Cotton futures are trading 60 to 70 points lower this morning, facing another rise in the US dollar and the net negative export sales numbers from Thursday. Old-crop commitments now total 95% of the full year USDA forecast, but you don’t want to see leakage via cancelled or deferred business. Shipments for the week were the largest of the marketing year, and they need to be. The YTD total of 4.717 million RB is down 1.01 million RB from last year at this time. Cert stocks rose to 9,948 bales from 9,858 bales with 90 new certs, and 0 decerts and another 947 contracts awaiting review. There were 11 deliveries vs. March futures, all stopped by a JP Morgan client. March futures expire on Monday.