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Here's an interesting chart by my colleague Andrew Barber showing price/volume on NYMEX cotton contracts. Our key takeaway is how complacent this market has become. Volume = conviction, and the biggest volume days over the past 6 months were usually down price days. The market thinks that cotton prices are coming down. At 5-8% of the retail cost of the average apparel garment, the industry better hope that the market is right.