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nd 36300 in 1501. Warehouse receipt totals 110, or 4400 tons. New reports: 46, or 1840 tons. 2. Main topics of physical market ? 1) Policy ? A. Direct payment ? B. Auction ? 2) Supply and demand ? A. The impact of cotton stock ? B. The impact of demand ? 3) Price ? A. Domestic cotton prices tend to be streamlined by auction price before new crop is available. ? Reserve purchas