ICE cotton sharply higher
Nearby months were trending between 123 to 127 points higher by 1347 GMT. March ’21 futures quickly gained ground today, breaking above recent high levels and reaching a new life of contract high of 83.06 cents/lb (+147) around 1240 GMT. Over the next hour, the lead month moved off its high, but remained near the top of its range and by 1347 GMT, March ’21 futures were trending up 127 points.
USDA’s weekly US export sales report will be released tomorrow at 0830 EST.
Cotton futures on China’s ZCE settled mixed overnight. By midday, the US dollar was trading lower while corn, soybeans and wheat were trending higher.
Certificated stocks were last reported at 70,649 bales, which was unchanged from the previous session. There were no bales awaiting review and 56,630 bales reported in both cert stocks and CCC loan as of January 20.
Volume was estimated at 12,400 and nearby months were trading as follows by 1347 GMT: