ICE cotton under pressure
Nearby months were trending between 45 and 61 points lower by midday. December ’19 futures fell under pressure Friday morning and by 1228 GMT, the nearby month was trading at the bottom of a 62-point range and down 61 points.
USDA will release its November supply and demand report today, at noon, EST.
Cotton futures on China’s Zhengzhou Commodity Exchange settled mostly higher overnight. By midday, the US dollar was trading higher, as well as soybeans while corn and wheat were trending lower.
Certificated stocks were reported at 42,441 bales, which included new certs for 3,208 bales. There were no bales awaiting review and 15,838 bales reported in both cert stocks and CCC loan as of November 7.
Volume was estimated at 8,500 and nearby months were trading as follows by 1228 GMT:
- Moderate sales reported on The Seam
- ICE No. 2 cotton settles lower
- Open, unseasonably cool weather rules across most of US cotton belt
- ICE cotton under light pressure
- USDA forecast US cotton plantings at 12.5 million acres
- US export sales and shipments