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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.
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Cotton futures were 25 to 77 points higher on the session, but December picked up 73 points, or 1.16% on the week. Managed money accounts were shown reducing their net long position in cotton from the previous week by a net 882 contracts.They are now net long 4,548 contracts according to the weekly report from the CFTC.Export commitments as a percent of total projected 2014/15 exports are at 61%, several points ahead of the 5 year average for this date of 53%. They were only 41% after this week last year.Cert stocks for Dec futures delivery are currently at 15,928 bales. The LDP for this week is 2.70 cents per pound.