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Cotton #2 Futures PricesMonday, May 21st, 2012Current Prices | End-of-Day Prices | Options Quotes | Spread Quotes | Profile
Cotton futures closed higher on the day but were down 98 points for the week. The market is quite oversold on the daily charts but not the weekly charts. The weak global economic picture is keeping the pressure on. Global cotton ending stocks are expected to reach 73,748,000 bales in 2012/13, up nearly 7 million from last year. Certificated stocks for May 17th are 152,023 bales with 2,545 new certs. The Cotlook A Index was 85.40, down .10 cents/pound. The weekly CFTC report showed Managed Money added 5,762 contracts to their net short position bringing the net short to 13,068 contracts as of Tuesday the report period. Export commitments are 108% of the USDA forecast, and well ahead of the average of 102% for this date with low prices attracting some buyers. The marketing year ends July 31, so the shipping pace needs to pick it up a bit. Jul 12 Cotton closed at 77.99, up 134 points,
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