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Cotton futures experienced slight gains on Thursday, October 2, 2023, with December cotton down 35 points. In the same timeframe, crude oil prices fell $0.26 to $58.99 per barrel, while the US dollar index rose $0.009 to 100.160.
Export Sales data indicated 198,985 running bales (RB) of cotton were sold during the week, marking the third-largest export activity for the marketing year. Export shipments reached a record high of 157,757 RB that week.
As of September 30, managed money increased their net short position by 2,736 contracts, holding a total of 64,740 contracts. In the latest online auction, 5,724 bales sold at an average price of 58.96 cents per pound, while ICE certified cotton stocks remained steady at 20,344 bales.
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