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Cotton Traders May Have Reneged on 20% of Contracts, WSJ Says

Cotton traders may have reneged on or rewritten 20 percent of contracts since 2010, worth as much as $12 billion, the Wall Street Journal said, citing Terry Townsend, executive director of the International Cotton Advisory Committee.

Cotton growers and textile mills walked away from supply agreements after prices turned against them, the newspaper said.

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