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Cotton Market Up 15 to 57 Points As Exposed Shorts Cut Back

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Cotton futures are trading 15 to 57 points higher, extending Friday’s short covering rally. They were up 104 to 152 points in most contracts on Friday. Friday afternoon’s Commitment of Traders report showed another record reported net short position for spec traders in cotton futures and options on Tuesday at 44,270 contracts. Upland cotton export commitments are now 115% of the USDA projection, with the average pace running 107%. With just under a month left in the MY, however, accumulated exports are 91% of that number, with the normal pace at 95%. The Cotlook A index for July 18 was down 50 points from the previous day at 73.70 cents/lb. The weekly AWP is 55.81 cents/lb effective through next Thursday.

--provided by Brugler Marketing & Management

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