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Cotton prices eased lower on Monday, with futures down 10 to 20 points, following losses of 10 to 13 points at the end of last week. As of the end of last week, December futures were still up 126 points. Crude oil futures fell by 21 cents per barrel, while the US dollar index decreased by $0.236 to $98.210.
As of July 15, speculators in cotton futures and options cut 7,626 contracts from their net short position, totaling a net short of 38,464 contracts. The Seam reported sales of 385 bales at an average price of 68.25 cents per pound, and ICE cotton stocks saw 1,144 decertifications, leaving certified stocks at 23,481 bales.
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