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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.
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 Friday trade mixed, but within 5 points of unchanged with December down one point on the session, and unchanged for the week, but with a trading range of 205 points since last Friday. The USD was up more than 700 points following a speech from the Chair of the Federal Reserve this morning. Crude oil futures lost a few cents/barrel on Friday. USDA put the new average world price (AWP) at 58.81, down from 60.23 last week. There is, of course, no LDP at that price level. The Cotlook A Index is at 77.15, down 0.75 for 8/25. ICE has certified stocks at 49,500 RB.