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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 planning 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 at midday are down triple digits after trading 11 to 16 points higher this morning. The ICAC raised its 2015/16 world ending stocks figure by 321,500 RB to 93.7 million RB on Monday (USDA: 102.22 mil RB). The group increased its 2016/17 world ending stocks by 918,600 RB to 89.98 mil RB. World cotton production is estimated to increase by 4.5% year over year to 105.45 mil RB in 2016/17. The Cotlook A Index was down 45 points to 71.25. ICE reported that there were 58,340 certified bales in warehouses on May 1, with 1,044 new certs, and 450 decertified bales. There were 609 bales awaiting review at the Memphis, TN delivery point. The USDA AWP for this week is 52.33, up from 50.53 last week. The MLG dropped to 0, from 1.47 during the past week.