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Cotton slightly lower this morning.

John Flanagan
In Grain Futures | Market Analysis | Softs Futures
by John Flanagan at 9:37 am on February 16, 2012

Cotton prices held gains on Wednesday and are trading slightly lower this morning. Export sales of cotton reached 108,000 bales with 65,200 bales sold for new crop. Shipments were 308,700 bales. Shipments usually peak in March. The US Dollar Index is up 29 points at 80.07. Crude oil is down 5 cents at $101.73.  March soybeans were down 6 ¾ cents overnight at $12.54 ¼. Soybeans export sales of 436,700 tons were below expectations. There were 178,000 tons of new crop sold also. March corn was down 2 ½ cents overnight at $6.24 ½. Export sales of corn were above expectations at 1,005,900 tons. An additional 61,500 tons were sold for new crop. March wheat was down ¾ cents overnight at $6.25 ¼. Wheat export sales of 420,400 tons were below expectations. China’s cotton prices were lower.

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