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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 closed mixed following a sharp correction on Monday. The weaker US dollar helped. Nearby October ended the day 10 points into the green, while December lost 29 points.The US dollar index was sharply lower on the day, and the FOMC meeting will continue tomorrow. The weekly US crop condition ratings were slightly lower than the previous week.Harvest progress is at 6% vs. the 5yr average of 7% for this date. The amount of the crop with bolls opening is slightly ahead of normal for this date.ICE Certified stocks are down to 48,649 bales as we approach the October contract delivery period. Another 2,020 bales were decertified on Monday.The Cotlook A is at 74.30, down -1.85 from Monday.