Futures Traders: Get FREE daily videos covering today's hottest market
Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Cotton futures ended the day with front month December down 71 points and the March contract 3 points lower. Beyond that, the deferred contracts notched out gains of a few points today. Crude oil came back to close higher on the day. The US dollar index lost more than 100 points from Friday. USDA said in its weekly crop progress report that the national crop is now 29% harvested, when the 5yr average is 31%. As of Sunday, 86% of the crop has bolls opening, compared to the 5yr average of 90%. Overall the condition rating of the entire US cotton crop was slightly lower than it was last week. The USDA AWP for this week (today through Thursday) is 49.83, leaving an LDP of 2.17 cents. The Cotlook A index is at 70.05, down 15 points.