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Cotton Bulls Push Back on Wednesday
Cotton futures were back to higher trade on Wednesday, with contracts up 8 to 75 points at the close. The US stock market was selling off, allowing some of the hot money to seek other places to park. The US dollar index was 529 points lower, Crude oil up $2.31 per barrel. ICE cotton stocks were unchanged on July 16, leaving 41,122 bales of certified stocks. The Cotlook A Index was up 80 points on July 16 at 82.60 cents/lb. The USDA Average World Price (AWP) is 56.08 cents/lb last week and is effective through Thursday. Dec 24 Cotton closed at 72.07, up 70 points, Mar 25 Cotton closed at 73.92, up 61 points, May 25 Cotton closed at 75.27, up 55 points On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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