ICE cotton under modest pressure
Nearby months were trending between 10 to 46 points lower by 1245 GMT. December ’21 futures have traded mostly under pressure Friday morning, moving between 87.43 to 88.50 cents/lb. By 1245 GMT, the new crop contract was trading in the middle of its 107-point range and down 31 points.
Cotton futures on China’s ZCE settled higher overnight. There will be no trading on June 14, owing to a holiday. By midday, the US dollar was trading higher while corn, soybeans and wheat were trending lower.
Certificated stocks were last reported at 163,737 bales (remaining at its highest level since July 5, 2017), unchanged from yesterday. There were no bales awaiting review and 65,325 bales reported in both cert stocks and CCC loan as of June 10.
Volume was estimated at 10,600 and nearby months were trading as follows by 1245 GMT: