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Cotton futures are 92 to 127 points lower this morning, excluding the October contract. The FOMC is expected to raise their short term interest rate target again this afternoon, with an uncertain impact on equity and currency markets. Cotton futures were 46 to 122 points higher in the nearby contracts on Tuesday. The USDA World supply and demand report showed a 500,000 bale hike in projected exports and a corresponding drop in ending stocks, now seen as 4.7 million bales. World carryout for old crop was UNCH at 88.21 million bales, with new crop down 0.73 to 83.02 million bales. Chinese production was down 500,000 bales to 26.5 million bales, with Australian production down slightly to 3.8 million bales. The Cotlook A index was UNCH from the previous day at 101.35 cents/lb on June 11.

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