ICE No. 2 cotton settles lower

Nearby months ended on negative ground for a third consecutive session, settling between 47 and 56 points lower. The December ‘18 delivery opened the session on modest gains and found light support early in the day, trading mostly higher until around 0800 GMT when selling picked up. The new crop contract moved to losses and traded on negative ground over the remainder of the session to end at 87.08 cents/lb (-47), which was its lowest settlement in seven sessions. For the week, December ’18 cotton lost a total of 76-points.

Volume remained light all week and ICE estimated volume today at 16,500 contracts, higher than yesterday’s 12,908. At the time cotton settled, the US dollar was trading lower while corn, soybeans and wheat were trending higher.

Total open interest increased by 486 contracts to 258,467. December ’18 interest decreased by 657 contracts to 175,553 while March ’19 interest increased by 985 contracts to 49,461.

Certificated stocks were last reported at 34,049 bales which included new certs for 251 bales and decerts for 60 bales. There were no bales awaiting review.

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