ICE cotton sharply higher
Nearby months were trading between 129 to 143 points higher by 1351 GMT. May ’21 futures opened to the upside (+35) and continued to gain ground, reaching steep gains as buyers were active. The lead month moved to a new contract high of 92.30 cents/lb (+182) around 0330 GMT. Some resistance was met and the most active contract moved off its high and by 1351 GMT, May ’21 futures were trending up 131 points.
Cotton futures on China’s ZCE settled sharply higher overnight. By midday, the US dollar was trading lower while corn, soybeans and wheat were trending higher.
Certificated stocks were last reported at 100,326 bales, remaining at its highest level since December 8 (100,390). There were no bales awaiting review and 56,715 bales reported in both cert stocks and CCC loan as of February 19.
Volume was estimated at 9,700 and nearby months were trading as follows by 1351 GMT: