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Cotlook 'A' Index 74.40 (-0.60) 14:29 GMT 20th Nov, 2019
  

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ICE No. 2 cotton settles higher for second consecutive session

 

Nearby months were trending modestly lower prior to the release of USDA’s November supply and demand report. Immediately after the release, cotton futures decisively moved to gains after a reduction of 890,000 bales was reported for US cotton production. Nearby months finished the day between 33 and 53 points higher. December ’19 futures traded between 63.61 to 65.06 cents/lb and ended the session at 64.72 cents/lb (+37). For the week, the nearby month gained 49 points.

 

Volume is steadily increasing in the March ’20 contract, which will soon take over as lead month. March futures ended the day at 66.57 cents/lb (+53) and for the week, gained 93 points.

 

ICE estimated volume at 75,300 contracts which, if realized, will be the highest volume since February 11. At the time cotton settled, the US dollar was trading higher, as well as corn while soybeans 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.

 

Today is the second out of five days the largest long-only fund is rolling positions from December into March and the first day interest in the March ’20 contract exceeded the December ’19 contract. Total open interest decreased by 2,125 contracts to 246,274. December ’19 interest decreased by 8,480 contracts to 88,467 while March ’20 interest increased by 3,575 contracts to 99,768.

 


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