ICE No. 2 cotton settles mostly higher
Nearby months finished the day between 7 to 11 points higher with the exception of the July ’21 contract, which was unchanged. July ’21 futures opened modestly lower (-12) and traded under pressure early in the session before buyers lifted the lead month to a high of 82.93 cents/lb (+11) around 0735 GMT. The move higher was short lived as selling quickly returned, dropping July ’21 futures back to negative ground and eventually falling to a low of 82.12 cents/lb (-70) just after 1200 GMT. Over the remainder of the session, the spot month traded mostly lower, moving back to just above unchanged towards the end of the day, to settle unchanged at 82.82 cents/lb.
ICE estimated volume at 16,200 contracts, much lower than Friday’s 31,831. At the time cotton settled, the US dollar was trading lower as well as corn, soybeans and wheat.
Total open interest increased by 420 contracts to 221,693. July ’21 interest decreased by 2,062 contracts to 79,484 while December ’21 interest increased by 2,665 contracts to 105,373.
Certificated stocks continue to climb and were last reported at 131,061 bales, which included new certs for 8,074 bales. There were no bales awaiting review and 59,836 bales reported in both cert stocks and CCC loan as of May 21.
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