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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 are trading 43 to 60 points lower this morning after triple digit losses on Thursday. Volume jumped with the new selling (technically bearish). Estimated volume was 28,400 contracts vs. 8,912 yesterday. USDA reported net weekly export sales of US cotton for last week totaled 373,200 RB, including 3,700 RB of upland. 2013/14 sales of Upland cotton were net negative by 1,900 RB due to cancellations and rollovers. The USDA marketing year for cotton ends July 31. Any unshipped sales at that point will be applied to 2014/15 outstanding sales. This Export Sales report was through July 17. Cert stocks dropped to 182,731 bales, the smallest since February.