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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 sharply lower on the session with losses of more than a penny in some contracts. This follows a 42-58 point loss on Thursday after USDA reported net weekly cotton export sales for old crop were a minus number. Stock market weakness seemed to be more of a factor than the weakened US dollar. Certified stocks for April 16 are 64,508 bales with 4,855 new certs, and another 1,338 bales awaiting review. USDA dropped the AWP for the week ending 4/23 to 50.31, boosting the LDP/MLG for this week to 1.69 cents from 0.91 cents last week. The Cotlook A index is 71.55, unchanged from the previous day.